StockMarketWire.com - Attractions group Live Company said it had made 29 positions redundant as part of cost saving measures during the Covid-19 pandemic.

Live said it was beginning to demonstrate strong growth in the first quarter, but the situation deteriorated rapidly in March as lockdowns took hold.

The closure of all zoos, exhibition centres and retail hubs globally was reflected in revenues.

A number of events booked for the second quarter had been postponed to the second half of 2020 and the first half of 2021.

'However, green shoots are now emerging globally, with zoos, exhibition centres and retail hubs reopening and the company looks forward to updating shareholders in due course as new contracts are agreed and trading hopefully returns to normal,' Live said.

The company said it had identified overhead savings of £2.1m, having extended a temporary 50% pay cut for staff earning above the £2,500 furlough scheme cut-off until the end of June.

Live said it had furloughed 61 out of a total staff of 77.

'Unfortunately, it has also been necessary to make a total of 29 redundancies across the group, this represents an annualised saving of £0.7m,' it added.


At 2:13pm: [LON:LVCG] Live Company Group Plc share price was -0.25p at 9.85p



Story provided by StockMarketWire.com