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Half-year Report

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RNS Number : 0451O
Live Company Group PLC
30 September 2019
 

30 September 2019

 

 

LIVE COMPANY GROUP PLC

("LVCG", the "Company" or the "Group")

 

HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

Live Company Group Plc (AIM: LVCG), a leading live events and entertainment group, announces its half-yearly results for the six-month period ended 30 June 2019.

 

Highlights

·        Revenue for the first six months was £2.0m (1H 2018 £2.8m), in line with expectations

·        Full year results weighted to second half, with majority of the larger BRICKLIVE shows, including the Group UK flagship show at the NEC, held in the second half of 2019

-   Revenue of £4.8m for 2019 already secured from shows and builds, with a further £0.4m of fixed fee contracts for 2019 currently out for near term signature. This excludes the majority of revenues from the Group's flagship NEC show and other upcoming BRICKLIVE shows for 2019 where the Group receives a share of the profits

·        Group has been trading EBITDA profitably since Q2 and in line with expectations

·        The Group has good visibility going forward, with a strong pipeline of events, with forward contracted sales of £2.3m for 2020 and £0.75m for 2021 already in place

·        63 events secured for 2019, against a projected target of 60, with further events expected to be contracted before the year end

·        The Group has invested heavily in expanding its asset base in the year to date and, with the integration of Bright Bricks, the Group now has

-   Increased the number of touring shows from 9 to 15, ahead of schedule, expanding the Group's ability to host multiple shows and events at the same time

-   Approximately 850 brick-based models across the Group

·        The Group has secured multi-year contracts with

-   Nickelodeon UK Limited to provide themed tours associated with the Nickelodeon brand, including the Nick Jr. brand in UK and Ireland, with the first BRICKLIVE Paw Patrol tour launched at the end of August 2019

-   Snowman Enterprises Limited, part of Penguin Random House, to produce a themed tour of The Snowman and The Snowdog

·        The appointment of Mark Freebairn to the Board as an independent Non-executive Director, with effect from 1 October 2019

 

Investor Meeting and Call

 

Following release of the interim results for the six months ended 30 June 2019, the Company will host an investor meeting at Shard Capital LLP's offices at 10 Hill Street, London, W1J 5NG at 11.00 a.m. today. Investors who are unable to attend the meeting in person will be able to join the meeting via teleconference. Investors wishing to attend the meeting and or join via teleconference, should register their interest at [email protected].

 

David Ciclitira, Chairman, said: "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.

 

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. 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.

 

We have made multiple new appointments over the last 12 months and I am pleased to welcome Mark Freebairn to the Board as an independent Non-executive Director who joins us tomorrow.

 

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."

 

Enquiries:

 

Live Company Group Plc                                                                          Tel: 020 7225 2000

Ruth Cunningham, Chief Operating Officer

 

Strand Hanson Limited (Nominated Adviser)                                        Tel: 020 7409 3494

Stuart Faulkner / Richard Tulloch / James Dance

 

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.



 

The Board believes that following the integration of Bright Bricks, the Group is now one of the largest and most significant brick-based companies in the world.

 

The acquisition of Bright Bricks also provided the Group with security of bricks supply, enhanced speed to market and increased competitive advantage whilst raising barriers to entry. Following the fundraise in February 2019, this has enabled us to rapidly grow and expand our asset base, and I'm pleased to announce that we have already hit our target of 15 touring shows for 2019 and are now seeking to have 16 touring shows in place by the year end. This further expands our offering and enables us to host multiple shows and events at any one time.

Snowman Enterprises Limited, part of the Penguin Random House group of companies, we also have good visibility for forward sales in 2020 and 2021.

 

I'm delighted that our network of global partners continues to grow from strength to strength which is a testament to the BRICKLIVE brand, and we continue to seek to expand the number, quality and depth of relationship with our partners.

 

The Company is also in advanced discussions with the Bright Brick vendors regarding the deferred consideration due in October 2019, relating to the Bright Brick acquisition completed in October 2018, being settled through the issue of new ordinary shares and we will keep shareholders updated in this regard.

 

New Yansha Mall and

 

The Group has also seen the expansion of the BRICKLIVE Zoo programme with BRICKLIVE Animal Paradise launched in Brookfield Zoo, Chicago in May 2019 before making its journey to New England Zoo in Boston, Massachusetts. Alongside this, we also attended the American Zoos and Aquarium Association with Imagine Exhibitions in September 2019 and following the event, I am delighted to report that we have secured a contract for 2020 with John Ball Zoo in Michigan and discussions are ongoing with other zoos and aquariums for 2020 and 2021.

In 2020, we expect America to be a significant growth area as we have a clear and focussed strategy to expand the BRICKLIVE brand. As a result of this North America focus, the Board has decided to put a hold on activity in South America for the time being. Instead those assets currently in South America will be redeployed to North America to assist with our North American expansion programme.

[email protected].

We have strengthened our Board with the announcement today of our appointment of Mark Freebairn as a Non-Executive Director. Mark has significant experience with AIM quoted companies and following his appointment, which is effective as of the 1 October 2019. Mark will also sit on the Remuneration Committee. Serenella Ciclitira will step down from the Remuneration Committee and I would like to thank her for her services and contribution to the Committee.

 

Outlook

 

2019 has been a year of significant investment and we are now seeing the fruits of our hard work, with 63 BRICKLIVE events already scheduled for 2019 and more to follow, and a strong pipeline for 2020 and beyond and we look forward to continuing to develop our relationships and offering with our partners and clients.

 

With results very much weighted to the second half of 2019, the Board remains confident for the outcome for the remainder of 2019 and with a strong and growing pipeline for 2020, we look forward to keeping shareholders updated on our continued progress.

 

Finally, I would personally like to thank all of our staff, advisors, shareholders and others who have supported me and the Group over the last year.

 

 

 

 

 

David Ciclitira

Chairman

 

29 September 2019



 

Number of BRICLIVE events/shows scheduled for 2019

 

BRICKLIVE Events/Shows

FY 2017

FY 2018

Previous FY 2019 Projections (announced 5 July 2019)

2019 Events as at 27 September 2019

Asia

8

20

13

11

Europe

8

10

42

47

North America

1

1

3

4

South America

1

3

1

-

Middle East

-

-

1

1

Total

18

34

60

63

 

Number of Touring Shows

 


Before acquisition of Bright Bricks

After acquisition of Bright Bricks

Reported Q2 2019

September 2019

Projected

by end of 2019

Number of Touring Shows

1

9

12

15

16

 

Number of Models

 


Before acquisition of Bright Bricks

As of 31 March 2019

As of 27 September 2019

Number of models

70

650

850

 



 

CHIEF FINANCIAL OFFICER UPDATE 

 

Revenue and operations

 

I am pleased to report that first half revenues and EBITDA for 2019 were in line with expectations. Following completion of the integration of Bright Bricks in the first half of 2019 and the upward growth curve of the Group, revenue and profits will be heavily weighted to the second half of the year. The Group continues to trade in line with budget as the number of shows and events continues to grow.

 

As of the date of this report, the Group has already secured revenues of £4.8m for 2019 from shows and builds, with a further £0.4m of contracts for 2019 out for near term signature. Taking into account revenues from our shows in which we participate in the profits, as opposed to receiving a fixed fee, which includes the Group's flagship show at the NEC in October 2019, the Board is confident for the outcome for 2019.

 

Amounts invoiced in advance of being released to the income statement amounted to £1.67m as at 30 June 2019. This is an increase of £1.0m compared to 31 December 2018.

 

When compared to the first half of 2018, revenues are down approximately £0.8m, primarily as a result of an unusually high sale in the first half of 2018 relating to Animal Paradise in China, amounting to US$0.8m in respect of upfront content fee. Of the three year contract, US$1.6m related to sale of content, which was received in full during 2018, and US$1.5m related to annual licence fees to be received over the three year term.

 

EBITDA

 

In line with projections, EBITDA for the first six months amounted to a loss of £482,000.

 


6 months

6 months


30 June 2019

30 June 2018

Adjusted EBITDA

(482)

258

Finance costs

(44)

(17)

Depreciation and amortisation expense

(293)

(134)

Exceptional items relating to fundraise

(251)

-

(Loss) / Profit for the period

(1,070)

116

 

Operating expenses

 

The absorption of Bright Bricks Limited into the Group had a significant impact on overheads, increasing to £1.9m (1H 2018: £1.4m). The Group is continuing to identify efficiencies and is actively streamlining processes to reduce overheads.

 

As of 24 September, the Group had £140,000 of available cash.

 

 

 

Bryan Lawrie

Chief Financial Officer

29 September 2019 



Unaudited condensed consolidated income statement for half year to 30 June 2019

 


Notes

30 June 2019
Unaudited

30 June 2018
Unaudited



£'000

£'000

Continuing operations




Revenue

2

1,996

2,842

Cost of sales


(853)

(891)

Gross profit


1,143

1,951





Administrative expenses




Foreign exchange (loss) / gain


(4)

6

Depreciation and amortisation of non-financial assets


(27)

(2)

Other administrative expenses


(1,887)

(1,435)

Total administrative expenses


(1,918)

(1,431)





Operating (loss) / profit before exceptional items


(775)

520





Exceptional items

3

(251)

-





Operating (loss) / profit after exceptional items


(1,026)

520





Finance costs


(44)

(17)





(Loss) / profit for the period


(1,070)

503





Tax expense / credit


-

-





(Loss) / profit for the period from continuing operations


(1,070)

503





(Loss) / profit for the period from discontinued operations


-

(387)





Profit / (loss) for the period


(1,070)

116





Other comprehensive income


-

-





Total comprehensive income attributable to the equity holders of the parent company


(1,070)

116





(Loss) / profit per share




Basic and diluted

4

(1.5p)

0.2p


Condensed statement of financial position

 


Notes

30 June 2019

31 December 2018



Unaudited

Audited



£'000

£'000





Property, plant and equipment

6

4,008

3,551

Intangible assets

7

78

50

Goodwill


4,307

4,307

Total non-current assets


8,393

7,908





Current assets




Inventories


6,399

6,491

Trade and other receivables


1,751

692

Cash and cash equivalents


110

120

Total current assets


8,260

7,303





Total assets


16,653

15,211





Current liabilities




Borrowings


875

1,000

Deferred income and accruals


1,776

849

Trade and other payables


2,308

2,612

Total current liabilities


4,959

4,461





Non-current liabilities




Deferred tax


123

123



123

123





Total liabilities


5,082

4,584





Net assets


11,571

10,627





Equity




Share capital

8

4,788

4,754

Share premium


20,509

18,470

Other reserves


(23,696)

(23,696)

Merger reserve


14,067

14,067

Capital redemption reserve


5,034

5,034

Retained earnings


(9,131)

(8,002)



11,571

10,627

 



Unaudited condensed consolidated statement of cashflows for the six months ended 30 June 2019

 


30 June 2019
Unaudited

30 June 2018
Unaudited


£'000

£'000

Cash flows from operating activities



(Loss) / Profit for the Period

(1,070)

116

Depreciation

290

131

Amortisation of trademarks

3

2

Change in fair value from bricks used in Content sales

(59)

-

(Increase) in receivables

(1,059)

(1,424)

Decrease (increase) in stock

92

-

Increase (decrease) in payables

666

(1,167)

Cash used in operations

(1,137)

(2,342)




Cash flow from investing activities



Acquisition of trademarks

(31)

(33)

Acquisition of property, plant and equipment

(746)

(383)

Net cash used in investing activities

(777)

(416)




Cash flow from financing activities



Proceeds from issue of equity

1,967

1,950

Shares issued to settle fees

145

-

Commission on shares

(39)

-

Loans repaid

(125)

-

Interest paid

(44)

-




Net cash generated from financing activities

1,904

1,950




Net cash outflow

(10)

(808)




Cash and cash equivalents at beginning of the period

120

871




Cash and cash equivalents at end of the period

110

63

 

 


Unaudited condensed consolidated statement of changes in equity for half year to 30 June 2019

 


Ordinary Share Capital

Share Premium

Reverse acquisition reserve

Forex and other reserves

Merger reserve

Capital Redemption reserve

Retained Earnings

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000










As at 1 January 2018

4,566

13,695

(24,268)

557

8,651

5,034

(5,391)

2,844

Loss for the year

-

-

-

-

-

-

116

116

Shares issued for cash

56

1,894

-

-

-

-

-

1,950

As at 30 June 2018

4,622

15,589

(24,268)

557

8,651

5,034

(5,275)

4,910










As at 1 January 2019

4,754

18,470

(24,268)

572

14,067

5,034

(8,002)

10,627

Loss for the period

-

-

-

-

-

-

(1,070)

(1,070)

Changes in fair value from bricks used in Content sales

-

-

-

-

-

-

(59)

(59)

Shares issued for cash

31

1,969

-

-

-

-

-

2,000

Debt to share conversion

3

172

-

-

-

-

-

175

Share issue costs

-

(102)

-

-

-

-

-

(102)

As at 30 June 2019

4,788

20,509

(24,268)

572

14,067

5,034

(9,131)

11,571


NOTES TO THE FINANCIAL INFORMATION

 

1.   Basis of preparation

 

The condensed consolidated interim financial report for the half-year reporting period ended 30 June 2019 are unaudited and have been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting and the same accounting policies and methods of computation are followed in the interim financial report as compared with the most recent annual financial statements. They do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2018 were prepared in accordance with International Financial Reporting Standards as adopted by the EU. The report of the auditor on those financial statements was unqualified and did not draw attention to any matters by way of emphasis of matter.

 

The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2018 and any public announcements made by the Live Company Group Plc during the interim reporting period.

 

2.   Segment Information

 

In 2018, the Group operated under two segments:

(i)      Product and content sales; and

(ii)      Tours, events, licenses and content rental fees.

 

For the 2019 interim accounts, we are reporting against the 2018 segments. For the 2019 annual accounts, processes are being established to separately report on the performance of the BRICKLIVE Zoo programme in subsequent reporting periods.

 


Product and content sales

Tours, events, licenses and content rental fees

Plc costs

Discontinued activities

Total

Six months to 30 June 2019

£'000

£'000

£'000

£'000

£'000

Revenues

403

1,593

-

-

1,996

Cost of sales

(167)

(686)


-

(853)

Administrative expenses*

(257)

(1,018)

(642)

-

(1,918)

Finance costs

-

-

(44)

-

(44)

Exceptional items

-

-

(251)

-

(251)

Segment (loss) profit for period

(22)

(111)

(937)

-

(1,070)

Adjusted EBITDA

(22)

181

(642)

-

(483)







Six months to 30 June 2018

£'000

£'000

£'000

£'000

£'000

Revenues

694

2,148

-

431

3,273

Cost of sales

(229)

(662)


817

(1,708)

Administrative expenses*

(215)

(665)

(560)


(1,440)

Finance costs

-

-

(9)


(9)

Exceptional items

-

-

-

-

-

Segment (loss) profit for period

250

821

(569)

(386)

116

Adjusted EBITDA

250

955

(560)

(387)

258

 

3.   Exceptional items

 

This related to the final legal costs in respect of the acquisition of Bright Bricks Limited and the subsequent expenses in connection with the fundraise announced on 11 February 2019.

 

4.   Earnings per Share

 

The basic earnings per share are calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares in issue during the year. In calculating the diluted earnings per share, any outstanding share options and warrants are considered where the impact of these is dilutive.

 


Six months to 30 June

2019

Six months to 30 June 2018

(Loss) / profit for the period (£'000) (continuing)

(1,070)

503

(Loss) / profit from all operations (£'000)

(1,070)

116

Weighted average number of shares in issue

69,286,901

52,517,314




Earnings (loss) per share






From continued and discontinued operations



Basic and diluted earnings per share

(1.5p)

0.2p




From continued operations



Basic and earnings per share

(1.5p)

1.0p

 

* Diluted earnings per share in both 2019 and 2018 are the same as basic earnings per share, as the options in issue had no dilutive effect on continuing operations.

 

5.   Dividends

 

No dividend was recommended or paid for the period under review.



 

6.   Property, plant and equipment

 

The principal reason for the increase in property, plant and equipment was the capitalised cost of building new touring assets for the Group's BRICKLIVE Zoo programme.

 

Property, plant and equipment

£'000

At 31 December 2018


Cost or fair value

3,954

Accumulated depreciation

(402)

Net book value

3,552



Half year ended 30 June 2019


Opening net book value

3,552

Additions to Content

723

Other additions

23

Depreciation charge

(290)

Net book value

4,008

 

7.   Intangible assets - trademarks

 

The intangible assets increased as a result of the cost of establishing newly registered BRICKLIVE trademarks around the world.

 

At 31 December 2018

£'000

Cost

55

Accumulated amortisation

(5)

Net book value

50



Half year ended 30 June 2019


Opening net book value

50

Additions

31

Amortisation charge

(3)

Net book value

78

 

8.   Issued share capital

 

There was one placing issue and one subscription issue in the period:

 


Shares issued

Price per share £

Value £'000

Nominal per share £

Nominal £'000

Premium per share £

Premium £'000

February 2019

2,153,846

0.65

1,400

0.01

22

0.64

1,378

May 2019

1,192,303

0.65

775

0.01

12

0.64

763


3,346,149


2,175


33


2,142

 

Issued share capital as at 30 June 2019 is comprised as follows:

 

Issued and fully paid

No. of shares

£'000

Ordinary shares of 1p

70,440,744

704

Deferred shares of 51.8p

2,047,523

1,061

Deferred ordinary shares of 0.5p each

199,831,545

999

Deferred B shares of £19.60

103,260

2,024



4,788

 

The deferred shares do not entitle their holders to receive dividend or other distribution nor do they entitle their holders to receive notice, attend speak or vote at any General Meeting of the Group. The rights of deferred shareholders are set out in full in the financial statements for the year ended 31 December 2018.

 

9.   Related Parties

 

At 30 June 2019 the following amounts were owed to directors of the Group:

 

Unpaid balances at 30 June 2019

30 June 2019

31 December 2018


£'000

£'000

David Ciclitira

1

-

Serenella Ciclitira

0

43

Ranjit Murugason

10

50

Bryan Lawrie

-

9

Trudy Norris-Grey

13

3

Simon Horgan*

180

170


204

275

 

*includes £166,667 deferred consideration in respect to the Bright Bricks acquisition.

 

Remuneration

6 months

6 months


30 June 2019

30 June 2018


£'000

£'000

David Ciclitira - international consultancy fees

206

175

David Ciclitira - UK chairman fees

13

13

Serenella Ciclitira

10

8

Ranjit Murugason

70

21

Simon Bennett

-

20

Andrew Smith

53

60

Bryan Lawrie

72

-

Trudy Norris-Grey

10

-

Simon Horgan

10

-


444

297

 

10. Other

 

Copies of the unaudited half-yearly results have not been sent to shareholders, however copies are available at www.livecompanygroup.com or on request from the Group's Registered Office.

 

11. Approval of Half-Yearly Financial Statements

 

The half-yearly financial statements were approved by the Board on 29 September 2019.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
IR LLFFDASIAFIA

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