TIDMIMMO
RNS Number : 4461U
Immotion Group PLC
29 July 2020
Immotion Group plc
("Immotion Group", the "Company")
Trading Update
Immotion Group, the UK-based immersive entertainment group is
pleased to update the market on current trading.
We are pleased to report that a growing number of our partner
sites are starting to re-open and many are already operating our VR
installations. We are delighted to announce that our largest
installation to date, the 'Ocean Explorer' Immersive Theatre at
Shark Reef Aquarium, Mandalay Bay Resort & Casino in Las Vegas,
is expected to open within the next seven days.
Whilst many partners are still working their way through the
social distancing rules and are operating at reduced capacity, we
are starting to see encouraging levels of revenue being generated.
We are delighted that consumers appear to have appetite for our
experiences, with a number of sites showing very high levels of
utilisation.
At this stage it is right to remain cautious, but we are
enthused by early trading in sites that are fully open, with both
Oklahoma Aquarium, and Mystic Aquarium, Connecticut, two new
installations completed post lockdown, both operating at almost
full capacity. In fact Oklahoma has requested additional seats to
cope with very strong demand.
In the UK we have seen brisk trade at our own ImmotionVR
centres, and whilst operating on reduced opening hours, both
bookings and revenue are very encouraging. Sea Life Blackpool
opened last week with the site showing very high levels of
utilisation.
The sites that have now opened, or are due to open, and which
will be operating our VR installations are detailed below:
Austin Aquarium, Austin Open
Blackpool Tower, Blackpool Open
Brighton Pier, Brighton Open
Dubai Aquarium, Dubai Open
Lego Discovery Centre, Atlanta Open
Lego Discovery Centre, Dallas Open
Lego Discovery Centre, Kansas City Open
Lego Discovery Centre, Manchester Open
Lego Discovery Centre, Phoenix Open
Lego Discovery Centre, Chicago Open
Lego Discovery Centre, Shenyang Open
Mandalay Bay, Las Vegas Expected within 7 days
Mystic Aquarium, Connecticut Open
Oklahoma Aquarium, Oklahoma Open
Sea Life, Blackpool Open
Sea Life, London Opening 1 August
In addition, we have opened the following ImmotionVR sites:
Castleford Open
Brighton Open
Bristol Open
The O2 London Open
We are optimistic that further existing sites will re-open in
the coming weeks. New installations will be on a selective basis,
as we want to ensure we install into sites that are showing solid
and consistent footfall. We are adapting our operations to the
likely level of activity and we expect resultant cost savings. Our
immediate priority is to drive the business back towards monthly
breakeven; albeit this is likely to be based in the short term on a
smaller installed base and reduced operational costs. We currently
have cash on hand of circa GBP2m.
We are greatly encouraged by both the imminent opening of
Mandalay Bay and other partner sites, although we are of the view
that significant disruption will likely continue in our markets for
some time to come.
In order to assist our partners getting back to operational
normality the Company has successfully designed and sourced its own
proprietary headset UV disinfection unit, called Uvisan. The unit
has been laboratory tested and allows partners to disinfect up to
30 headsets between uses in a matter of minutes. We are rolling
these devices out to our larger partner sites, including Mandalay
Bay, as they reopen. The Company is offering the product for sale
to third parties in un-related businesses and has seen some early
signs of success.
The Company is also developing a retail 'at home' product to
leverage our content generation skills and resources and expects to
update the market on this exciting product in the next few
weeks.
We continue to be alert to the current challenges and to adapt
our business accordingly. We believe we have done the right things,
and have positioned ourselves as best we can to weather the Covid19
crisis so that we can then capitalise on what we continue to
believe is very significant market potential for our business.
Martin Higginson, Immotion Group CEO said: "We are thrilled to
see sites re-opening and to see our booking system spring back to
life. We are delighted that consumers appear to have appetite for
our experiences with a number of sites showing very high levels of
utilisation."
"The imminent opening of our flagship installation at Mandalay
Bay along with numerous other sites gives us a great deal of
confidence. We continue to tread with caution, but we are quietly
pleased by the uptake. New installations are moving forward with
both Oklahoma, and Mystic our first installs since the pandemic,
operating at almost full capacity."
"The development of our Uvisan UV cleansing product puts us on
the front foot in terms of reassuring both partners and customers
that our offering is safe. It has also given our sales team another
revenue generating product from which we are seeing encouraging
early sales."
"The development of the retail 'at home' product is making great
progress; the beta product is very exciting, and I believe when
launched it will have a major impact."
"We have where possible reacted to the challenges enforced upon
us by the pandemic. We have reduced costs, and been innovative in
our approach to both new products and the market. Our team has
devised self-installation systems for new partners, cleansing
solutions for existing partners, and a revolutionary new product
for the home market."
Enquiries:
For further information please visit www.immotion.co.uk , or
contact:
Immotion Group Martin Higginson Tel: +44 (0) 161
235 8505
WH Ireland Limited Adrian Hadden Tel + 44 (0) 207
(Nomad and Joint Darshan Patel 220 1666
Broker) Matthew Chan
Shard Capital Partners Damon Heath Tel: +44 (0) 20 7186
LLP Erik Woolgar 9900
(Joint Broker)
Alvarium Capital Alex Davies Tel: +44 (0) 207
Partners 195 1433
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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 rns@lseg.com or visit www.rns.com.
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