Live Company Group shares (LON: LVCG) fell on Tuesday’s opening £5.37m loss in the six months ending 30 June 2020.
Despite the loss in profits, the group has told investors that it expects strong demand in 2021 and revenues are expected to increase over the next two quarters.
A new long-term contract has been signed for BRICKOSAURS in Israel.
Live Company Group took advantage of the government’s furlough scheme, which saved the company £0.9m.
“It has been an extremely challenging first half of the year for the Group with COVID-19 halting the majority of our business for four months,” said David Ciclitira, Chairman of the group.
“We have successfully raised a combination of debt and equity over GBP2.5 million, enabling us to survive and re-launch our touring business. We have also been able to replace our relationship with RiverFort. We have taken our time to restructure the cost base of the business, permanently reducing our costs by GBP0.9m per annum.
“We have successfully maintained the relationships with our key partners and begun to build new properties for the significant demand in 2021 and beyond. We have introduced new senior management, which I expect to assist the Group in its profitable growth in forthcoming years,” Ciclitira added.
Live Company Group shares (LON: LVCG) are trading -6.70% at 8,63 (1011GMT).
