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(Alliance News) - Events and education firm Live Company Group PLC said Friday it halved its loss in 2018 after revenue more than doubled amid a significant expansion in events activity, with 2019 already getting off to a "very good" start.
In 2018, the Lego-based events firm reported its pretax loss narrowed to GBP2.6 million from GBP5.4 million the year prior. This was after revenue more than doubled to GBP5.4 million from GBP1.9 million the year before.
"2018 saw a significant increase in the number of BRICKLIVE shows and events, with 34 held globally compared to only 18 in 2017," Live Company Executive Chair David Ciclitira said.
"The acquisition of Bright Bricks was also an important milestone for the group, as the group has now become both a content producer and content provider, with Bright Bricks being the group's production hub," Ciclitira added.
Live Company acquired Lego brick statue maker Bright Bricks Holdings Ltd for GBP8.5 million in October 2018.
"The acquisition has acted as a spring board for the group, as it has allowed us to accelerate our growth plans and to take advantage of new and existing opportunities that previously we were not able to fulfil, such as our recent agreement with Nickelodeon UK Ltd to produce and create themed tours in the UK and Ireland for some of Nick Jr's hit shows", Ciclitira continued.
Live Company does not pay a dividend.
"I am delighted to report that the group has made a very good start to 2019 and that it has a strong pipeline, with 46 shows and events already secured in 2019 with an expectation to provide 60 events and shows by the end of the year", Ciclitira said.
Shares in Live Company were 9.6% lower at 61.00 pence in London on Friday.