In its half-year results statement, LIVE Company noted that revenues are starting to return during the third quarter and the fourth quarter is expected to be stronger.
Agreements have been struck giving the company access to ‘World of Beatrix Potter - including Peter Rabbit’ and, separately, Paddington Bear.
A new long-term contract was signed for the BRICKOSAURS event which is continuing at the Holon Toto Arena in Israel from October 1, 2020, through to May 3, 2021, before it is installed in a European zoo until November 2021 and goes on tour to Asia for 2022.
The live events and entertainment specialist - owner and operator of the BRICKLIVE brand, which delivered 71 shows and events in 2019 – had to undertake cost-cutting during the first half of 2020 and raised fresh capital to fund a re-launch of its business.
It noted that only one event was cancelled because of the coronavirus (COVID-19) pandemic and a total of 23 events originally scheduled in 2020 have been postponed, to happen either later in 2020 or in 2021.
"It has been an extremely challenging first half of the year for the group with COVID-19 halting the majority of our business for four months,” David Ciclitira, Live Company chairman said in the results statement.
"We have successfully maintained the relationships with our key partners and begun to build new properties for the significant demand in 2021 and beyond.”
LIVE Company's revenue for the six months ended June 30, 2020, amounted to £1mln, with £600,000 generated in the first quarter against £700,000 in Q1 2019, and £400,000 coming in the second versus £1.3mln in Q2 2019. It reported a £5.37mln loss for the period, compared to a £1.07mln loss in the same period a year ago.
During the first half, the company secured over £2.5mln of funding, including £400,000 of new equity, a £500,000 loan from Ciclitira, a £250,000 facility at NatWest and a £1.5mln debt deal with Close Leasing Limited to replace a prior loan and equity sharing arrangement with RiverFort.
The company received support from the UK government's furlough scheme and it recently announced significant cost savings including £900,000 which has subsequently become permanent.
Additionally, staff earning above the furlough threshold took payment for 50% of their fees and salaries via shares in the company and non-executive directors agreed to waive fees during the second and third quarter.
Meanwhile, as the company looks forward, it has made a number of appointments including Richard Collett who joins as finance director (becoming CFO in due course) and Sarah Dees as chief operating officer.
Trudy Norris-Grey has been appointed deputy chair, after her serving in her prior role as independent non-executive director.
“We have introduced new senior management, which I expect to assist the Group in its profitable growth in forthcoming years," Ciclitira commented.