Last checked at 19 May 2020 07:00
19 May 2020
LIVE COMPANY GROUP PLC
("LVCG", the "Company" or the "Group")
OPERATIONAL UPDATE
Live Company Group plc (AIM: LVCG) provides the following update:
· First Zoos in Germany open - opportunity for the Company and its German partner to expand sales in Germany
· JB Zoo in Michigan, US - installation has commenced in readiness for planned end May opening
· No events have been cancelled, though around a third have understandably been postponed to second half of 2020 and first half of 2021
· Group continues its build programme
· Business development project put in place for increasing distribution of consumer sets
· Withdrawal of previous financial and operational guidance for 2020 and 2021
· Non-executive directors have agreed to forego Q2 and Q3 fees
The Company continues to evaluate the situation with regards to the opening of certain industries and countries as COVID-19 restrictions begin to be lifted, noting that countries such as Germany, the Czech Republic and Austria have now opened some zoos.
Furthermore, some states in the US plan to open zoos from the end of May and we are already working with Michigan Zoo to install our Animal Paradise tour, ahead of the zoo's planned reopening, at the end of May.
As previously announced on 15 April 2020, the Company confirms that currently around a third of its events planned for 2020 have been postponed to either the second half of 2020 or the first half of 2021, though no events have been cancelled at this time.
The Company also announces that it is in the process of further developing its consumer sets business, as well as other products for home use, which has seen significant demand.
The Company will keep investors updated further, as appropriate, as part of the Company's quarterly updates to the market.
Given this period of unprecedented uncertainty, we are consequently withdrawing our previous financial and operational guidance for both 2020 and 2021.
Further to the announcements on 15 April ,30 April and 5 May 2020, regarding the cost saving initiatives implemented by the Company as a result of COVID-19, the Non-executive Directors' have now elected to forego their fees for Q2 and Q3 of this year.
David Ciclitira, Chairman of LVCG said: "Despite the current difficult trading and market conditions as a result of COVID-19, we are starting to see some green shoots with regards to the opening of certain countries post lockdown. It is still early days and we continue to monitor the situation closely, ensuring we comply with all local guidelines in the countries we operate. I would like to thank the Non-executive Directors for demonstrating their continued support by forgoing their Q2 and Q3 fees."
Enquiries:
Live Company Group Plc Tel: 020 7225 2000
Sarah Dees, Chief Operating Officer
Strand Hanson Limited (Nominated Adviser) Tel: 020 7409 3494
Stuart Faulkner / Richard Tulloch / Georgia Langoulant
Shard Capital Partners LLP (Broker) Tel: 020 7186 9952
Damon Heath
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
LIVE COMPANY GROUP
Live Company Group plc ("LVCG", the "Company" or the "Group") is a live events and entertainment company, founded by David Ciclitira in December 2017. The Company was admitted to trading on AIM in December 2017, following the reverse acquisition of Brick Live Group and Parallel Live Group by LVCG.
The Group is a network of partner-driven fan-based shows using BRICKLIVE created content worldwide. The Company owns the rights to BRICKLIVE - an interactive experience built around the creative ethos of the world's most popular construction toy bricks. BRICKLIVE, which is fast becoming a leading children's education and entertainment brand, actively encourages all to learn, build and play, and provides inspirational events and shows where like-minded fans can push the boundaries of their creativity. Bright Bricks is the Group's production centre for building brick based models. The Group is an independent producer of BRICKLIVE and is not associated with the LEGO Group.
Website: www.livecompanygroup.com