David Ciclitira, Chairman of Live Company Group talks about their challenging first half results

David Ciclitira, Chairman of Live Company Group #LVCG talks about how a challenging first half have set them up for growth in forthcoming years.

Highlights

In spite of revenues of £0.6m for the first three months (Q1 2019: £0.7m) the Company recorded only minimal revenues for Q2 £0.4m (Q2 2019: £1.3m), total revenues for H1 were £1.0m (H1 2019: £2.0m).

•  Revenues are beginning to return during Q3 with a stronger Q4 expected.

•  Twenty three 2020 events have been postponed to later in 2020 or 2021. Only one 2020 event has been cancelled.

•  New contracts have been signed with Powderham Castle and Da Vinci Science Centre in Pennsylvania, USA. 

•  A new long-term contract has been signed for BRICKOSAURS to continue at the Holon Toto Arena, Israel from 1 October 2020 to 31 May 2021. BRICKOSAURS is then due to return to a Zoo in Europe until November 2021 when it is due to travel to Asia for 2022.

•  The Group has secured a multi-year contract with: Frederick Warne and Co Limited (Penguin Books Limited) to produce a themed interactive tour around the World of Beatrix Potter - including Peter RabbitTM.

•  Secured a multi-year contract with the Copyrights Group Limited to produce an interactive tour 

•  for Paddington BearTM.

In order to survive the onset of COVID-19 and to fund a re-launch of its business, the Group has embarked on fundraising and cost savings.

 

Fundraising

The Company has raised £0.4m of new equity.
It has also raised the following debt:-

•  £0.5m loan from its Chairman;

•  £0.25m (CBILS) from NatWest Limited Plc; and

•  £1.5m (CBILS) from Close Leasing Limited - replacing RiverFort's loan and ESA facility, which has been cancelled.

Cost Savings 
LVCG took advantage of the UK government's furlough scheme recently announcing significant cost savings - £0.9m of which have been made permanent and will carry through into 2021 and beyond. During Q2 all staff earning above the furlough threshold have taken 50% of their fees and salaries in shares in the company. The Non-executive Directors have waived their fees during Q2 and Q3.

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