Immotion Group PLC AGM Trading Update (5511X)
01 September 2020 - 4:00PM
UK Regulatory
TIDMIMMO
RNS Number : 5511X
Immotion Group PLC
01 September 2020
September 1st 2020
Immotion Group plc
("Immotion Group", the "Company")
AGM Trading Update
We are pleased to report that since our last update on July
29(th) 2020, trading has continued to be encouraging across the
sites that have operated during the summer period.
We currently have 16 Partner sites where our attraction is
operating, plus we have traded at four of the ImmotionVR sites
throughout the summer.
Our ImmotionVR sites have operated on limited opening times, but
have all traded strongly, generating a profitable contribution
after all local costs. We are working closely with landlords on
flexible arrangements that could, we believe, lead to further
opportunities as we head to the Christmas period.
Whilst visitor numbers are generally down in Partner sites, due,
we believe, in the main to COVID-19 related restrictions on
attendance levels, average revenue per headset has been encouraging
despite the reduced visitor numbers. In two of our larger locations
we have seen demand for additional seats as utilisation was running
at near capacity.
That said, a number of our attractions in key Partner sites have
remained closed as a result of COVID restrictions on interactive
attractions and other local and partner social distancing
requirements. This is obviously a dynamic situation and one which
can vary state-to-state in the USA. We continue to work with
Partners in a proactive manner and have introduced increased
hygiene protocols. We continue to work with Partners to help as far
as we can in getting un-opened sites operational.
Mandalay Bay, our largest partner installation to date, has now
had almost a month of trading and the reaction has been very
positive. Visitor numbers through August at Shark Reef Aquarium
have been close to the currently-permitted daily cap of 1,000.
Whilst much uncertainty and disruption remains and numerous
sites remain closed, we are encouraged by revenues for August from
both our operational Partner estate and ImmotionVR sites. The
re-opening of these sites, along with the opening of Mandalay Bay,
should result in a significantly reduced loss in August and is a
major step forward in achieving the short term objectives of
monthly EBITDA breakeven and operating cashflow neutrality.
We continue to focus on working with Partners to help more
existing sites open, as well as launching our in-home offering and
seeking to generate additional contribution from the Uvisan
products.
The Uvisan UV sanitisation cabinets have been well received by
both our VR Partners and initial third- party customers. Whilst
still early days, sales to third parties are encouraging, with a
number of important healthcare and industrial partners taking
cabinets on a short trial basis. We believe there are many uses for
this product beyond our own requirements and approaches are now
being made to a number of sectors, including schools and
universities.
We expect to launch the Let's Explore in-home consumer product
later this month. We will be updating the market in full on this
product over the coming weeks.
We will release our interim results (which will reflect the
majority of the lockdown period) by the end of September. A further
detailed update on outlook and trading will be made with those
results.
Martin Higginson, CEO Immotion Group plc said: "With more and
more of our Partner sites opening we have seen revenues increase
each week, our Undersea Explorer Virtual Reality Theatre at
Mandalay Bay has been very well received by customers."
"The introduction of our Uvisan sterilisation cabinets has
helped us reassure both partners and customers allowing us to
operate safely in any location. The product has to date been well
received by third parties. We are in talks with some large
potential customers which could lead to sizable orders."
"The Let's Explore in-home offering is reaching completion and
we look forward to updating the market fully on this exciting new
launch in the next week, or so."
Enquiries:
Immotion Group Martin Higginson Tel: +44 (0) 161 235 8505
WH Ireland Limited Adrian Hadden Tel: +44 (0) 207 220 1666
(Nomad and Joint Broker)
Shard Capital Partners Damon Heath Tel: +44 (0) 207 186 9900
LLP Erik Woolgar
(Joint Broker)
Leander Capital Partners Alex Davies Tel: +44 (0) 207 195 1458
Limited
(Joint Broker)
**ENDS**
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