(Alliance News) - Live Company Group PLC said Monday it sank to an interim loss after a sharp fall in revenue due to an unusually strong comparative period, whilst it continues to build its events base.
For the six months ended June, the events and education firm sunk to a GBP1.1 million pretax loss from a profit of GBP503,000 a year prior. This was after revenue fell 29% to GBP2.0 million from GBP2.8 million.
Revenue performance suffered after the "unusually high sale" in the year prior for the Animal Paradise exhibit in China, resulting in a USD800,000 upfront content fee payment.
"2019 has seen us invest in expanding our asset base to enable us to host multiple shows and events across numerous locations and geographies at any one time, providing the foundations for long term sustainable growth in the business," Live Co Chair David Ciclitira said.
"This has enabled us to have already exceed our target of 60 events for 2019, having already hosted BRICKLIVE events in China, Japan, South Korea, America, Germany and the UK, with a very busy end to the year ahead," Ciclitira said. "We have also secured international IP partners such as Nickelodeon UK and Ireland and Snowman Enterprises and established new partners in Europe, and America and I'm delighted with the progress that has been made in the year to date."
"I'm very excited about the opportunities that the remainder of 2019 and 2020 will bring and, with the group trading in line with expectations, I'm confident for the overall outcome for 2019", Ciclitira continued.
In a separate announcement on Monday, Live Co hired financial manager Mark Freebairn as non-executive director of the firm from Tuesday.
"I'm delighted that Mark Freebairn has agreed to join the Live Co board and he will bring invaluable London city experience to the board," Ciclitira said.
Shares in Live Co were 1.2% higher at 41.50 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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Live Company (LVCG)