As you may have heard on the Episode 171 of the Primordial Radio Podcast, here is the update that was posted to Seedrs.
Greetings,
I sincerely hope this finds you and your loved ones safe and well.
I want to update you on FT Industries’ (aka Primordial Radio) current situation and immediate plans.
On a massively positive note our membership is at an all time high and Primordial Radio has never sounded better achieving its highest ever listening figures in March. It is still early days and we know much pain lays ahead but at present we are encouraged and grateful. What has been impacted is our merchandise and event revenues which are largely intertwined. Our forecasts essentially went out the window in March as we rescheduled two of our biggest events, Long Road To Brewin’ and the Annual General Mayhem. We expect to deliver both in September and October however new budgets and plans remain highly fluid. The AGM presentation itself will be delivered virtually and an invite will be sent when we have final details.
We are firmly focused on what we can do and what we can control. To offset lost revenues we have halted all non-essential spending and the directors have agreed to a 20% wage reduction effective immediately. We will also introduce non-traditional revenue sources the details of which will come in the next few weeks. Most importantly, we will continue to concentrate on the wants and needs of the our community and ensure we are as reliable as we can be as we go through this time together.
I am not naive and fully understand the times ahead will test our resolve and resilience but take solace in knowing we draw strength from the incredible team and community around us. They, as always, inspire the courage and optimism to propel ourselves forward.
I cannot promise success but we remain undeterred and undaunted by the challenges we face and remain determined to deliver the vision we promised.
I would like to personally thank you for your continued support. Your belief reminds me there is much goodness in a time seemingly bereft of hope. These times will end and when they do I look forward to seeing you. Until that time If ever I can help please call at anytime: 07761 960 161.
Stay safe, stay home, and wash your hands. 🙂
Much love,
Hugh Evans
CEO
FT Industries