Live Company Group PLC (LON:LVCG) said it has agreed two new contracts for its BRICKLIVE events in the group's second quarter as a number of zoos hosting its events begin to reopen following the coronavirus lockdown.
In an update for the quarter, the media and events group said it has agreed to display its BRICKLIVE Ocean content at the Da Vinci Science Centre in Pennsylvania, while it has also signed a deal to display its Paw Patrol tour at the Odysseum museum in Köln in Germany until August.
The company also said its BRICKLIVE Animal Paradise tour was now open at the John Bull Zoo in Michigan, while its BRICKLIVE Supersized content was now open at the Marwell Zoo in Hampshire and its BRICKLIVE Ocean exhibit is scheduled to open soon at the Bristol Zoo Gardens.
The firm’s BRICKLIVE Big Cats show is also due to open at the Banham Zoo in Norfolk at the end of July.
Meanwhile, Live Company said the closure of all zoos, exhibition centres and retail hubs during the coronavirus pandemic meant its second quarter had been “challenging”, although a number of cost reductions had helped to mitigate the subsequent decrease in revenues.
The group said it has identified total savings of £2.1mln against its original budget for the year and has also made use of the UK government’s furlough scheme and extended a 50% pay cut for all staff earning above the £2,500 furlough scheme cut-off until the end of June. The company has also made 29 redundancies, resulting in an annualised saving of £700,000. The firm added that it had also raised £1mln from loans and equity during the quarter.
Looking ahead, Live Company said a number of events booked for the second quarter had been postponed to the second half of 2020 and the first half of 2021 as a result of the pandemic, although it said “green shoots” were now emerging globally as zoos, exhibition centres and retail hubs begin to reopen.
"[The second quarter] has been an extremely challenging quarter for all companies that have been involved in the sector with a global shutdown of all events, zoos and exhibition centres. The board and the executive team used this time to review our business model, reduce costs and I believe we have emerged stronger and leaner with a core team of highly motivated individuals who are absolutely committed to take advantage of the green shoots emerging globally as we come out of lockdown”, Live Company chairman David Ciclitira said in the statement.
“Over recent weeks the conversations with existing and new clients and partners have been extremely positive and I look forward to updating shareholders in due course", he added.