K-Pop event firm’s shares remain suspended as losses continue to spiral
Live Company, the firm behind children’s live entertainment group Bricklive and K-Pop Lux has published its 2022 financial accounts after a six month delay which resulted in it being suspended from the London Stock Exchange.
Back in July, the Surrey based group was told it could no longer trade because it failed to publish its 2022 financial accounts.
Despite publishing the results today, the company said it will remain suspended until it concludes its “refinancing arrangements”.
According to filings made today by the firm operating losses widened to £9.4m in 2022 up from £3.2m the year before.
However, Live Company group revenues increased 79 per cent from £2.6m to £4.7m which the firm said reflected “a return to live events following the Covid-19 related interruption of business in 2020 and 2021”.
A separate announcement made by the group today showed that the firm is continuing to face financial challenges.
David Ciclitira, chairman of the firm said: “The residual effects of Covid continue to have an impact on the company and there is a material uncertainty as to going concern due to the continued trading performance of the group and the requirement for additional financing.”
“The Directors are focused on a path to profitability, based on de-risking the business model and reducing the funding requirements which were proving a burden on the Company,” he added.
“I would like to thank the team for all their efforts and for their ongoing support and energy and hard work in continuing to develop and diversify the Live Company Group brand. I would also like to thank all our stakeholders for their continued belief and support of the Group.”