Live Company Group PLC (LON:LIVE) said trading has remained extremely difficult in 2021 but there are signs of future business returning.
In its results statement for 2020, the live events and entertainment group said revenue from continuing operations fell to £1.86mln from £5.45mln the year before.
The loss before tax widened to £8.27mln from £1.64mln in 2019. As a consequence of the uncertainty created by COVID-19, particularly in China, the group wrote down the value of its investments and associated goodwill in relation to Brick Live Far East Ltd and the operations of its joint venture Brick Live CED (Beijing) Company Ltd; however, the group remains confident the wider China market will continue to represent a significant opportunity for the group.
The BRICKLIVE business had a very tough 2020 and has continued to trade unprofitably in 2021 but things are beginning to look brighter, with BRICKLIVE events currently taking place in Michigan, USA; Munster, Germany; Paisley, Scotland; and Wolverhampton, England.
Meanwhile, the BRICKOSAURS is set to go on the rampage in Utrecht from 5 July.
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2020 at least ended on a bright note with the creation of a new sports and entertainment division, dubbed Live Company Sports and Entertainment, or LCSE for short.
Due to the pandemic, there have been no LCSE events in 2021 but the division did recently announce the rescheduling of The Cape Town Cycle Tour to 10 October 2021 and, in partnership with the City of Cape Town and V&A Waterfront Holdings (Pty) Limited), the dates for the Cape Town stopover of the Global Ocean Race as 20 November 2022 to 6 December 2022.
In addition, LCSE will be staging four wine festivals on behalf of Pick n Pay Stores Limited, a major South African retailer, in the fourth quarter of this year, although the dates have yet to be confirmed.
“We face a challenging year ahead post COVID-19, though as governments rally around the world to ensure the global economy gets back on its feet and as the vaccination programme gains momentum, we have an opportunity to provide both edutainment to our customers to assist in getting people back out to visit the high streets, shopping centres, zoos and tourist attractions and the opportunity to participate in sports and entertainment events globally,” said David Ciclitira, the executive chairman of Live Company.