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."