Proactiveinvestors United Kingdom Immotion Group https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Immotion Group RSS feed en Tue, 23 Jul 2019 21:48:34 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190627130752_14127445/ Thu, 27 Jun 2019 13:07:52 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190627130752_14127445/ <![CDATA[News - Immotion to open VR zone in London’s O2 Arena ]]> https://www.proactiveinvestors.co.uk/companies/news/222941/immotion-to-open-vr-zone-in-londons-o2-arena-222941.html Out-of-home virtual reality specialist Immotion Group PLC (LON:IMMO) is to open a VR entertainment zone in London’s O2 Arena.

The 12-station VR zone includes the first installation of Immotion’s new VR Arena – a four-person shooting experience which features the global number one interactive VR game, Raw Data.

READ: Immotion to install VR pods at Chicago's Shedd aquarium

Immotion is also installing two VR cinema pods as well as a four-person cinema, where users can experience swimming with sharks and whales.

The installation is located next to the new Street Food Quarter, and will run for an initial six-month period, allowing Immotion to test both the summer and Christmas holiday periods.

Any profits generated will be split between Immotion and Waterfront, the joint venture between O2 owner AEG Europe and Crosstree Retail Partners.

Boss confident trial will prove a success

“I am thrilled to be bringing our VR experiences into such an iconic location as The O2,” said Immotion chief executive Martin Higginson.

“We are confident this initial trial through to early 2020 will prove successful and we look forward to working with Waterfront on a long-term basis.”

 He added: “We continue to provide our partners with new exciting attractions that complement their offerings and generate valuable ancillary revenue for them, whilst building recurring revenues for Immotion. We believe this is a highly scalable model with global potential.”

VR gives people a reason to visit

Marion Dillion, leasing director for The O2, added: “Immotion's new VR entertainment zone is a great addition to The O2, providing visitors with a unique experience that complements the breadth of offer already available.

“Initiatives such as this are vital as they provide additional reasons to visit, or can help extend an existing trip, both of which help deliver additional sales for our retailers, cafés, bars and restaurants.”

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Thu, 27 Jun 2019 10:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222941/immotion-to-open-vr-zone-in-londons-o2-arena-222941.html
<![CDATA[RNS press release - VR Installation at The O2 ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190627070008_14127245/ Thu, 27 Jun 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190627070008_14127245/ <![CDATA[News - Immotion to install VR pods at Chicago’s Shedd Aquarium ]]> https://www.proactiveinvestors.co.uk/companies/news/222660/immotion-to-install-vr-pods-at-chicagos-shedd-aquarium-222660.html Immotion Group PLC (LON:IMMO) has signed an exclusive partnership to install its virtual reality (VR) pods at the Shedd Aquarium in Chicago, one of the largest aquariums in the world.

The AIM-listed group, which specialises in ‘out of home’ VR entertainment, said under the deal Shedd would offer visitors its ‘Undersea Explorer’ VR cinematic motion pods which would be loaded with a range of underwater experiences already popular with its existing aquarium and zoo partners.

READ: Immotion bounces as it inks deal for free-roaming VR content with MGM-backed studio

The deal with Shedd also follows a similar deal for Immotion’s VR pods signed at the end of May with the Mote Marine Laboratory in Sarasota, Florida.

Opened in 1930, Shedd is one of the top aquariums in the world with over 1.5mln species and around 1.9mln visitors annually.

Immotion said the deals with Shedd and Mote would operate under an arrangement where revenue generated from the VR pods would be shared between the company and its aquarium partner.

Rod Findley, Immotion’s group commercial director, said the deal with Shedd underpinned the company’s “dedication and focus” on the aquarium and zoo sector.

He added that the product was delivering “solid ancillary revenue” as well as enhanced customer experiences at its partner aquariums and zoos.

In early trading on Monday, Immotion’s shares were 0.5% lower at 9.6p.

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Mon, 24 Jun 2019 08:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222660/immotion-to-install-vr-pods-at-chicagos-shedd-aquarium-222660.html
<![CDATA[RNS press release - VR Installation into leading US Aquarium ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190624070011_14120886/ Mon, 24 Jun 2019 07:00:11 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190624070011_14120886/ <![CDATA[News - Immotion bounces as it inks deal for free-roaming VR content with MGM-backed studio ]]> https://www.proactiveinvestors.co.uk/companies/news/222127/immotion-bounces-as-it-inks-deal-for-free-roaming-vr-content-with-mgm-backed-studio-222127.html Immotion Group PLC (LON:IMMO) shares bounced higher on Friday after it signed a three-year deal with Survios, a virtual reality (VR) studio backed by media firm MGM, for content to install in its new VR Arena.

The immersive VR group said Survios would install its experience, known as Raw Data, into Immotion’s VR Arena, a four-person free-roaming enclosure that allows users to participate in games together.

READ: Immotion buoyant as it inks agreement to install VR pods at Santa Barbara Zoo

Raw Data is an interactive sci-fi-themed first-person shooter game and is the first consumer VR game to reach US$1mln in monthly sales. The exclusive deal with Immotion will see the game offered as a multi-player VR arena version for the first time in the ‘out of home’ VR market.

The company will also be able to sell or partner with clients globally, excluding Asia, for the rollout of Survios experiences on its VR Arena platform.

Raw Data is scheduled to be launched in partnership with several leisure operators in July.

Martin Higginson, Immotion’s chief executive, said the exclusive deal for Raw Data was “a major coup” for the company and would underpin is position as a global leader in the 'out of home' VR market.

He added that the company would continue to focus on growing its partnership model with high footfall ‘edutainment’ and leisure partners.

In early trading the shares were 3.8% higher at 11p.

--Adds share price--

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Fri, 14 Jun 2019 08:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222127/immotion-bounces-as-it-inks-deal-for-free-roaming-vr-content-with-mgm-backed-studio-222127.html
<![CDATA[RNS press release - Exclusive Free-Roaming Content Deal with Survios ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190614070949_14110757/ Fri, 14 Jun 2019 07:09:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190614070949_14110757/ <![CDATA[RNS press release - Notice of AGM and Annual Report & Accounts ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190531141419_14094563/ Fri, 31 May 2019 14:14:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190531141419_14094563/ <![CDATA[News - Immotion buoyant as it inks agreement to install VR pods at Santa Barbara Zoo ]]> https://www.proactiveinvestors.co.uk/companies/news/221202/immotion-buoyant-as-it-inks-agreement-to-install-vr-pods-at-santa-barbara-zoo-221202.html Immotion Group PLC (LON:IMMO) shares bobbed higher on Thursday after the firm signed an agreement to install its virtual reality (VR) cinema pods at the Santa Barbara Zoo in Florida, the first zoo to incorporate its products.

The VR entertainment group said that it would also be installing its pods at the Mote Marine Laboratory in Sarasota, Florida, one of the oldest aquariums in the US.

WATCH: Immotion Group approaching the 'tipping point' as headset rollout accelerates

Santa Barbara has half a million visitors each year, while Mote draws in around 344,000 visitors annually.

The new additions join several other aquariums hosting Immotion’s VR pods, including the OdySea in Scottsdale, Arizona, Norwalk in Connecticut, and Merlin Entertainment's SeaLife centres in Sydney, Melbourne and Oberhausen in Germany.

Rod Findley, Immotion’s commercial director, said the company’s latest VR experience, Swimming with Sharks, would be released shortly and two other experiences were due to be loaded into its VR pods this month.

He added that early trading across the company’s concessions in the aquariums had been “encouraging” and that going forward the group would focus more on perfecting its cinema pods for high footfall destinations such as zoos and aquariums.

“Our concession model offers a compelling and flexible opportunity for high traffic 'edutainment' destinations, such as aquariums, zoos and science centres.  We believe this is a global opportunity and will be putting considerable focus into growing the installed base and developing our offering over the coming months."

In early trading, Immotion shares were 6.1% higher at 8.7p.

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Thu, 30 May 2019 08:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221202/immotion-buoyant-as-it-inks-agreement-to-install-vr-pods-at-santa-barbara-zoo-221202.html
<![CDATA[RNS press release - Concession Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190530070010_14091662/ Thu, 30 May 2019 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190530070010_14091662/ <![CDATA[Media files - Immotion Group approaching the 'tipping point' as headset rollout accelerates ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13453/immotion-group-approaching-the--tipping-point--as-headset-rollout-accelerates-13453.html Thu, 23 May 2019 10:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13453/immotion-group-approaching-the--tipping-point--as-headset-rollout-accelerates-13453.html <![CDATA[News - Immotion jumps as it signs US$500,000 content creation deal with Dutch entertainment group ]]> https://www.proactiveinvestors.co.uk/companies/news/220482/immotion-jumps-as-it-signs-us500000-content-creation-deal-with-dutch-entertainment-group-220482.html Immotion Group PLC (LON:IMMO) shares jumped on Friday as the out of home virtual reality firm announced it has won a US$500,000 contract that will see it make three exclusive immersive experiences for Dutch entertainment group, iP2Entertainment.

Not only does Immotion make VR ‘pods’ that you see in arcades and shopping centres, but it also makes the games and experiences that go with them.

READ: Immotion to install its VR pods at two US aquariums

Work on the three experiences is expected to be completed by November. They will then be available for iP2Entertainment centres' visitors towards the end of the year and into 2020.

As part of the deal, Immotion will be able to use the content in some of its own VR arcades.

Chance to showcase skillset

“iP2Entertainment are well recognised as being one of the leading players in the 'out of home' immersive entertainment space,” said chief executive Martin Higginson.

“Having the opportunity to work with them in the creation of some cutting-edge VR experiences will not only deliver valuable revenue for the studio but also help us further develop and showcase our skill set in this exciting market, whilst providing access to some exciting new content.”

iP2 founder, Roger Houben, added: “Immotion is recognised as one of the best in the world in the creation of top-quality immersive media content productions. We look very much forward to working with them on this prestigious project. Hopefully the start of a long and mutually beneficial relationship.”

In afternoon trading, Immotion shares were up 10% at 7.10p.

 -- Adds share price -- 

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Fri, 17 May 2019 07:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220482/immotion-jumps-as-it-signs-us500000-content-creation-deal-with-dutch-entertainment-group-220482.html
<![CDATA[RNS press release - Content and Licensing Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190517070003_14077659/ Fri, 17 May 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190517070003_14077659/ <![CDATA[Media files - Immotion Group 'overwhelmed' with response to its ‘Swimming with Humpbacks’ movie ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13006/immotion-group--overwhelmed--with-response-to-its-swimming-with-humpbacks-movie-13006.html Mon, 15 Apr 2019 15:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13006/immotion-group--overwhelmed--with-response-to-its-swimming-with-humpbacks-movie-13006.html <![CDATA[News - Immotion to install its virtual reality pods at two major US aquariums ]]> https://www.proactiveinvestors.co.uk/companies/news/218553/immotion-to-install-its-virtual-reality-pods-at-two-major-us-aquariums-218553.html Virtual reality (VR) specialist Immotion Group PLC (LON:IMM) is to install aquatic immersive experiences at two major aquariums in the US.

The AIM-quoted company will install a range of VR cinematic motion pods on a revenue-share basis at Odysea Aquarium, in Scottsdale, Arizona, and The Maritime Aquarium, in Norwalk, Connecticut. 

READ: Immotion launches Swimming with Humpbacks

Customers will be able to ‘swim’ alongside some of the most mysterious and amazing creatures in the world.

The installations follow the recent release of Immotion’s live-action VR movie ‘Swimming with Humpbacks’, which it said prompted a “large number of enquiries” from zoos and aquariums.

UK attractions giant Merlin Entertainments PLC (LON:MERL) recently agreed to trial similar experiences in its SEA LIFE centres, and Immotion is developing new underwater VR content as it targets this “exciting” and potentially lucrative market.

“We are thrilled to have signed up three major aquariums so quickly after the release of our ‘Swimming with Humpbacks’ VR movie,” said chief commercial director Rod Findley.

“Demand for immersive edutainment is growing, and interest from the zoo and aquarium industry is at an all-time high. Immotion Group can deliver something new and unique to their customers, while also providing valuable ancillary revenue.

“Working in partnership with larger venues we are able to install a tailored solution at no cost to the venue, rather providing on-going revenue share agreement, creating solid annuity revenues for both parties,” he added.

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Mon, 15 Apr 2019 07:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218553/immotion-to-install-its-virtual-reality-pods-at-two-major-us-aquariums-218553.html
<![CDATA[RNS press release - New Concession Partners ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190415070006_14040308/ Mon, 15 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190415070006_14040308/ <![CDATA[Media files - Immotion VR move to blend growth with aim to break even ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12869/immotion-vr-move-to-blend-growth-with-aim-to-break-even-12869.html Thu, 04 Apr 2019 12:01:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/12869/immotion-vr-move-to-blend-growth-with-aim-to-break-even-12869.html <![CDATA[News - Immotion pushing for breakeven after surge in second-half VR revenues ]]> https://www.proactiveinvestors.co.uk/companies/news/217837/immotion-pushing-for-breakeven-after-surge-in-second-half-vr-revenues-217837.html After a year of investment, virtual reality firm Immotion Group PLC (LON:IMMO) has told investors it is ready to push on towards break even, helping send its shares higher on Wednesday.

The AIM-listed company, which makes immersive VR ‘pods’ and the content that goes with them, ploughed money into opening new ImmotionVR arcades and developing games and experiences in 2018.

READ: Immotion VR revenue surges past £1mln in second half

It has also been working hard to secure revenue-share agreements with casino, attraction and shopping centre owners.

From a standing start, Immotion now has 11 arcades in the UK and US, while its pods can also be found in Rank casinos, Intu shopping malls and Merlin’s Sea Life and Legoland attractions.

It now has 214 installed headsets – which can generate upwards of £400 a week – and that figure will continue to rise as it opens more concessions in Merlin’s estate, while a deal with Middle Eastern shopping mall giant Al Hokair is set to start later this month with the opening of the first site.

More ImmotionVR centres are slated to open as well, with bosses “selectively” choosing key cities to move into.

Focused on breakeven

The heavy initial investment paid off in the second half of 2018, when revenue from VR operations swelled to more than £1mln, up from just over £100,000 in the opening six months of the year.

For 2018 as a whole, revenue from VR operations soared to £1.3mln, while total revenue, which includes discontinued operations and non-VR sales, rose to £2.9mln.

Unsurprisingly, the investment did dent the bottom line and Immotion posted an underlying EBITDA loss of £2.22mln for 2018.

“The group is now focused on achieving significant growth in scale of revenue to drive towards break even,” read Wednesday’s results statement.

‘Year of investment’

“I am pleased with the progress made to date. 2018 was very much a year of investment,” said chief executive Martin Higginson.

“Having made the significant investment throughout 2018 in content creation, equipment sourcing, and establishing concession relationships, the group is now looking to significantly reduce its cost base and reduce cash outflow from operations.

“As we move into 2019, we will begin to capitalise on the heavy investment of 2018 to propel the group to the next stage of its development.”

In early afternoon trading, Immotion shares were 4% higher at 5.25p.

 -- Adds share price --

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Wed, 03 Apr 2019 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217837/immotion-pushing-for-breakeven-after-surge-in-second-half-vr-revenues-217837.html
<![CDATA[RNS press release - Final Results and Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190403070004_14026380/ Wed, 03 Apr 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190403070004_14026380/ <![CDATA[News - Immotion releases latest VR experience: Swimming with Humpbacks ]]> https://www.proactiveinvestors.co.uk/companies/news/217394/immotion-releases-latest-vr-experience-swimming-with-humpbacks-217394.html Virtual reality (VR) firm Immotion Group PLC (LON:IMMO) has released its latest live-action VR experience: Swimming with Humpbacks.

The short film, which gives viewers a rare insight into one of the planets most mysterious creatures, is exclusively available on Immotion's VR Cinematic motion pods at its 11 ImmotionVR stores across the UK.

READ: Immotion appoints Dubai-based distribution partner

Views will also soon be able to watch the film from the comfort of their home through SonyVR, as well as through mobile downloads on iOS and Android devices.

The experience is the first instalment in Immotion's Blue Ocean Aquarium series. 

"At Immotion, we are always looking to push the boundaries of VR. What we've managed to capture is truly breath-taking,” said chief executive Martin Higginson.

“The experience makes full use of the visual, sound and motion capabilities of our VR Cinematic motion pods to deliver our customers something ground-breaking and memorable.

“We are excited about future instalments of our Blue Ocean Aquarium series, and demonstrating the power of VR to engage and thrill audiences.

Immotion shares were unchanged at 5p on Thursday morning.

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Thu, 28 Mar 2019 08:18:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217394/immotion-releases-latest-vr-experience-swimming-with-humpbacks-217394.html
<![CDATA[RNS press release - Releases Swimming with Humpback Whales Experience ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190328070024_14018716/ Thu, 28 Mar 2019 07:00:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190328070024_14018716/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190307070026_13993188/ Thu, 07 Mar 2019 07:00:26 +0000 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190307070026_13993188/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190306155428_13992841/ Wed, 06 Mar 2019 15:54:28 +0000 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190306155428_13992841/ <![CDATA[RNS press release - Result of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190301110211_13987310/ Fri, 01 Mar 2019 11:02:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190301110211_13987310/ <![CDATA[News - Immotion intensifies Middle East push as it appoints Dubai-based distribution partner ]]> https://www.proactiveinvestors.co.uk/companies/news/215483/immotion-intensifies-middle-east-push-as-it-appoints-dubai-based-distribution-partner-215483.html Virtual reality (VR) firm Immotion Group PLC (LON:IMMO) has appointed Dubai-based Warehouse of Games as its exclusive distribution partner in the Middle East and North Africa.

The AIM company, which makes out-of-home VR ‘pods’ and the content that goes with them, said it was a low-cost way of establishing its brand in a “rapidly growing region” where leisure travel spending is expected to surpass US$200bn a year by 2028.

READ: Immotion taps market to accelerate growth after landing significant new deals

“The partnership with Warehouse of Games will strengthen our position in the Middle East and North Africa,” said chief executive Martin Higginson.

“With leisure spending in this region predicted to grow rapidly in the next ten years, we anticipate significant demand for out of home VR centres in this area. With this agreement now in place, we can scale our efforts in this region at low cost with confidence in the supply and maintenance chain.”

Under the terms of the deal, Warehouse of Games will sell, distribute and maintain the Immotion range of VR Cinematic Platforms to its “extensive” MENA client base.

It will also be responsible for fulfilling the recent contract Immotion signed with Middle East shopping malls giant, Al Hokair.

The first Immotion experience centre is due to open in Abu Dhabi next month, and Warehouse of Games will handle the delivery and installation of the pods, as well as any repair works that are needed to be carried out.

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Thu, 28 Feb 2019 07:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215483/immotion-intensifies-middle-east-push-as-it-appoints-dubai-based-distribution-partner-215483.html
<![CDATA[RNS press release - Distribution Partner for MENA appointed ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190228070006_13984388/ Thu, 28 Feb 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190228070006_13984388/ <![CDATA[Media files - Immotion Group raises £3mln as it inks significant roll out deal with Merlin Entertainments ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12124/immotion-group-raises-3mln-as-it-inks-significant-roll-out-deal-with-merlin-entertainments-12124.html Wed, 06 Feb 2019 13:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12124/immotion-group-raises-3mln-as-it-inks-significant-roll-out-deal-with-merlin-entertainments-12124.html <![CDATA[News - Immotion revenue surges past £1mln mark in second half, and it’s not done there ]]> https://www.proactiveinvestors.co.uk/companies/news/214113/immotion-revenue-surges-past-1mln-mark-in-second-half-and-its-not-done-there-214113.html  

What it does

Immotion Group PLC (LON:IMMO), which only joined AIM last summer, makes immersive virtual reality ‘pods’ and the content that goes with it.

Customers can put on one of the Immotion headsets, sit in a pod or a racing car, for example, and take in experiences which range from rollercoaster rides to supercar racing right through to fighting alien invaders in space.

The company, which is still a relative tiddler at £12mln, also has an ‘edutainment’ – education and entertainment combined – division. York Museum, for example, used Immotion for its Jurassic exhibition and Sir David Attenborough opened the event feeding a dinosaur in virtual reality.

It has signed revenue-share agreements with a host of household names, such as Grosvenor Casino operator Rank, Thorpe Park parent Merlin Entertainment and Gravity trampoline parks.

Immotion puts its products in their sites and splits the revenue they generate, which can be upwards of £400 per headset per week.

It also sells its products outright to private buyers, operates in its arcades and also licenses out its content and experiences to other companies.

 

How it’s doing

A quick look at last year’s figures will give you an idea of the kind of trajectory Immotion is on.

It turned over a respectable £100,000 in the first half of 2018, but this rocketed to more than £1mln in the second half of the year as it installed more of its headsets throughout the UK.

Chief executive Martin Higginson is confident that this growth still has a way to go. Immotion currently has 150 or so headsets in operation, but it is on track to take that figure above 1,000 by the end of 2019.

That growth will be fuelled by a recent £3.3mln fundraise, which will help it finance the roll-out of its headsets in more casinos, attractions and shopping centres.

For example, Immotion’s products are only in five of Rank’s casinos at the moment, but that is likely to rise this year, while Merlin recently agreed to put the pods and VR platforms in most of its Lego Discovery Centres, as well as a trial run in three of its Sea Life centres.

 

What the boss says

Chief executive Martin Higginson thinks shopping centres will be a key revenue stream over the next couple of years as they look to entertainment to reverse slowing footfall.

“Initially we would rent space from shopping centres but now we’re working much more in partnership with them,” Higginson told Proactive.

“So they’re now taking some of the risk. It’s a completely different model than it once was and that has transformed itself over the past year.”

He added: “The reality is shopping malls have got to change if they want to hang on to their audience because it’s no longer just about shopping.

“People still want to go out, but millennials are more into buying experiences now over goods, so we fit very much into that category.”

  Blue sky

There is no doubt that the UK is Immotion’s main point of focus and 2019 looks to be an exciting year in this regard, what with the roll-out of its headsets in more Rank casinos and the extension of the agreement with Merlin.

What is just as exciting is the potential abroad. Immotion struck a licensing deal in China earlier this month with its VR hardware supplier in the country.

LEKE VR is paying at least £224,000 over the next year for the right to install two of Immotion’s experiences on its own platforms, while it is paying a further £588,000 for the right to sell 12 experiences to other VR hardware makers in territories where the company has no presence.

The group is targeting more rapid growth across the pond, where it recently opened its first test site in Los Angeles and hopes to have 100 US centres open by the end of 2020.

In November, Immotion made a move into the potentially lucrative Middle East market, having signed an agreement with shopping malls owner Al Hokair Group.

An ImmotionVR Experience is being trialled in Abu Dhabi, but with Al Hokair owning dozens of shopping centres, there is chance for that figure to grow substantially.

As mentioned earlier, Immotion is on track to have more than 1,000 headsets in operation by the end of this year. It is not a particularly seasonal business, either, so there is no reason why the £1mn of sales it generated in the second half of 2018 can’t be surpasses this time around.

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Wed, 06 Feb 2019 10:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214113/immotion-revenue-surges-past-1mln-mark-in-second-half-and-its-not-done-there-214113.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190205140545_13959085/ Tue, 05 Feb 2019 14:05:45 +0000 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190205140545_13959085/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190205140031_13959078/ Tue, 05 Feb 2019 14:00:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190205140031_13959078/ <![CDATA[RNS press release - Result of Placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190205105501_13958780/ Tue, 05 Feb 2019 10:55:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190205105501_13958780/ <![CDATA[News - Immotion raises funds to accelerate growth after landing significant new deals ]]> https://www.proactiveinvestors.co.uk/companies/news/213961/immotion-raises-funds-to-accelerate-growth-after-landing-significant-new-deals-213961.html Virtual reality (VR) group Immotion Group PLC (LON:IMMO) has raised £3.3mln via a share placing so it can deliver on a number of significant new contracts it has signed.

The company 45,499,996 new ordinary shares were placed at 6p a pop, a 26% discount to Monday's closing price of 8.1p. In late morning trading, Immotion shares were 16.7% lower at 6.75p.

READ: Immotion partners up with casino operator Rank Group

The company said, additionally, as part of the fund-raising, certain directors and other individuals have entered into conditional agreements to subscribe for, in aggregate, 9,499,998 new ordinary shares at the placing price.

The placing came as the group revealed that, following a successful trial, Immotion has agreed with Merlin Entertainments PLC (LON:MERL), the entertainment centres and theme parks operator, to a significant roll-out of the Immotion Group VR Cinematic Platforms across the majority of the Lego Discovery Centres estate plus a LEGOLAND hotel in Germany.

Furthermore, Merlin has also agreed to extend the relationship to cover an initial trial in three Sea Life Centres. The Sea Life Centres will operate Immotion Group's 'sub-sea edutainment' experiences.

Wider roll-out possible

Depending on how the trial goes, the "Blue Ocean" VR cinematic experiences will be rolled out across the wider Sea Life estate, which currently numbers 49 Sea Life Centres.

The company, which has other irons in the fire with Merlin, operates on a concession basis with the company, sharing the revenue generated from the operations. Immotion Group provides the equipment, content, technical support and training while Merlin operates the platforms and provides the locations.

Immotion also unveiled two content licensing agreements with LEKE VR, the company's China-based VR hardware supplier.

The first relates to the licensing of two pieces of content, with Immotion set to receive minimum revenue from the deal of £224,000 by 31 March 2021.

The second is for the licensing of 12 of Immotion Group's VR experiences in territories not operated in by the company through to 31 March 2020.

Immotion has agreed to grant exclusivity for these 12 experiences on the proviso that a minimum annual revenue of 5mln renminbi (RMB) - roughly £588,000 – is achieved, in which case the licence would be extended to 31 March 2021. Immotion will receive 70% of all revenue generated by LEKE.

"Our mantra has always been, 'Test, Roll-Out' and the extension of the Merlin relationship to cover the majority of Lego Discovery Centres, along with trials in three Sea Life Centres, is a significant milestone for the company. Endorsement from Merlin, one of the largest entertainment operators in the world, underpins our belief and confidence in our business model,” said Martin Higginson, the chief executive officer of Immotion Group.

"The commercial success of our recent trials, which are being converted into long-term agreements, has shown our ability to deliver revenue for our partners. This, together with the positive feedback from the paying public and the discussions we are having with shopping malls and leisure operators around the world, demonstrates that there is a growing demand for our superior out of home immersive experiences,” he added.

Calling all #adrenaline junkies! How #fast can you go? Come join us
behind the wheel of #ProjectCars2 #VR #VirtualReality #Racing#RacingSimulation #MotorRacing https://t.co/3ZUevQKWke pic.twitter.com/qyivMQUrYj

— ImmotionVR (@Immotion_VR) 4 February 2019

The company has also signed a distribution agreement with Crown Leisure, the UK’s largest distributor of entertainment machines, relating to machine sales of Immotion’s motion platforms.

The company's range of motion platforms currently retails on average for around £15,000 per headset depending on machine and content. The directors believe this allows sufficient margin for both the company and its distributors and leaves the company free to focus on product and content development while saving some overhead costs on warehouses and the like.

“We believe our offering will be attractive to leisure arcades and family entertainment centres in Crown's key markets,” Higginson said, adding that the company would now look for similar arrangements in the USA.

The company said trading in 2018 was in line with market expectations, with VR revenue in the second half of the year topping £1mln after clocking in at just £100,000 or so in the first half.

Even with this level of explosive growth, the company is looking to scale-up even more quickly and to do that it needs fresh capital.

"The significant increased demand from concession partners has allowed the company to undertake a fund-raise to fuel this potential growth. Longer term agreements with high-quality leisure partners will build visible, recurring revenues. As well as increasing our installed partner base, we are rolling-out more high-quality VR content, which is key to opening doors with new operators. Notably, the development of this high-quality content has allowed us to secure our two content licensing agreements with LEKE VR, another significant milestone for the company,” Higginson told shareholders.

 -- Adds placing completion details, share price --

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Tue, 05 Feb 2019 07:57:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213961/immotion-raises-funds-to-accelerate-growth-after-landing-significant-new-deals-213961.html
<![CDATA[RNS press release - Contract Wins, Trading Update, Proposed Placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190205070005_13957904/ Tue, 05 Feb 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20190205070005_13957904/ <![CDATA[Media files - Proactive Investors in California for a look at Immotion Group's VR pods ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11291/proactive-investors-in-california-for-a-look-at-immotion-group-s-vr-pods-11291.html Thu, 22 Nov 2018 15:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11291/proactive-investors-in-california-for-a-look-at-immotion-group-s-vr-pods-11291.html <![CDATA[Media files - VR innovators Immotion races to key tie in with Rank ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11137/vr-innovators-immotion-races-to-key-tie-in-with-rank-11137.html Thu, 08 Nov 2018 14:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11137/vr-innovators-immotion-races-to-key-tie-in-with-rank-11137.html <![CDATA[News - Immotion partners up with casino operator Rank Group ]]> https://www.proactiveinvestors.co.uk/companies/news/208801/immotion-partners-up-with-casino-operator-rank-group-208801.html Immotion Group PLC (LON:IMMO) has signed a revenue sharing deal with Rank Group PLC (LON:RNK) which will see it roll out its virtual reality (VR) machines at some of the casino giant’s sites.

AIM-quoted Immotion will trial its new VR Racing Challenge simulator game at the Grosvenor casino in Manchester.

‘VR partner of choice’

Should that initial run prove successful, the plan is to roll out more machines at some of Grosvenor’s 53 other UK casinos.

 “We continue to see strong interest from major leisure operators wanting to partner with Immotion Group to exploit the growing appetite for VR,” said chief executive Martin Higginson.

“As the only player offering quality proprietary content, motion platform and marketing solutions in multiple jurisdictions, we are quickly becoming the VR partner of choice.”

Strong UK trading

Immotion said it has enjoyed a period of “strong trading”, especially during the recent October half-term holiday.

As such, it is opening five new ImmotionVR Experience Centres, two of which will be at Intu shopping centres in Glasgow and Newcastle. London, Swindon and Birmingham are the other locations.

These will bring the number of UK centres up to 12 and the plan is to grow that to 50 over the next two years.

Two new concession partners which should “substantially increase” the number of installed gaming seats have also come on board, while Immotion is also opening two smaller sites in Somerset and Nottingham.

New openings in US and Middle East

The group is targeting more rapid growth across the pond, where it recently opened its first test site in Los Angeles.

It hopes and expects this will be a success and is targeting 100 US centres by the end of 2020.

Immotion has also made a move into the potentially lucrative Middle East market, having signed an agreement with shopping malls owner Al Hokair Group.

Much like the Rank deal, this tie-up will see one ImmotionVR Experience Centre opened in Abu Dhabi, with further to follow based on test results.

“The new concession initiatives with The Rank Group and Al Hokair are both major milestones for the company and I am confident that following successful trials, we will have a clear runway for future site rollout,” added Higginson.

The boss also highlighted two new experiences, including Elf Power Inc, which he reckons will prove a hit over the upcoming holiday season.

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Thu, 08 Nov 2018 07:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208801/immotion-partners-up-with-casino-operator-rank-group-208801.html
<![CDATA[RNS press release - Business Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20181108070006_13859292/ Thu, 08 Nov 2018 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20181108070006_13859292/ <![CDATA[News - Immotion disposes of ‘non-core’ Japanese division ]]> https://www.proactiveinvestors.co.uk/companies/news/206544/immotion-disposes-of-non-core-japanese-division-206544.html Out-of-home virtual reality company Immotion Group PLC (LON:IMMO) has disposed of its loss-making Japanese entertainment division.

The branch, which made a loss before tax of £34,000 in the first half of the year, specialised in creating high-quality CGI and live action content for third parties.

READ: Immotion to roll out VR brand across Spain

As part of its admission to AIM this summer, Immotion said it would shift its focus towards creating content for VR motion platforms and would, therefore, sell off its Japanese business, which it considers ‘non-core’.

The company reckons the disposal will save it around £300,000 a year.

The remaining ongoing projects in Japan are being taken over and completed by the division’s former managing director in exchange for no consideration.

A few items of office and computer equipment have also been handed over free of charge.

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Mon, 08 Oct 2018 07:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206544/immotion-disposes-of-non-core-japanese-division-206544.html
<![CDATA[RNS press release - Disposal of Japanese Branch ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20181008070003_13819165/ Mon, 08 Oct 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20181008070003_13819165/ <![CDATA[Media files - Virtual reality specialist Immotion to create new Spanish reality ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10670/virtual-reality-specialist-immotion-to-create-new-spanish-reality-10670.html Mon, 01 Oct 2018 14:13:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10670/virtual-reality-specialist-immotion-to-create-new-spanish-reality-10670.html <![CDATA[News - Immotion to roll-out virtual reality brand across Spain through local partnership ]]> https://www.proactiveinvestors.co.uk/companies/news/205963/immotion-to-roll-out-virtual-reality-brand-across-spain-through-local-partnership-205963.html Immotion Group PLC (LON:IMMO) will roll out its virtual reality brand ImmotionVR in Spain after signing a franchise distribution partnership with a local leisure operator.

Under the deal, Climbing Planet will open and operate multiple ImmotionVR branded experience centres and identify further supply opportunities across Spain.

Climbing Planet will buy the VR experience simulators from Immotion, which will receive ongoing revenue share from each site.

The first centre will open in a shopping centre in Logrono in November followed by a second centre opening at a similar space in Barcelona in December.

READ: Immotion Group sees strong first half as out-of-home VR takes off

The centres will include a range of VR simulators including motorcycles, cars and cinema pods. 

"With a shared vision and a raft of experience that complements Immotion Group's, we see Climbing Planet as an ideal partner to introduce our VR experience centres into Spain,” said Immotion chief executive Martin Higginson.

"This deal will dramatically lower the cost of entering this exciting consumer market and we expect to benefit from the local knowledge that Climbing Planet benefits from, having rolled out VR experiences previously."

In morning trading, shares rose 1.02% to 12.38p. 

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Fri, 28 Sep 2018 09:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205963/immotion-to-roll-out-virtual-reality-brand-across-spain-through-local-partnership-205963.html
<![CDATA[RNS press release - Expansion into Spanish Market ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180928070012_13808103/ Fri, 28 Sep 2018 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180928070012_13808103/ <![CDATA[News - Immotion Group sees strong first half as out-of-home VR takes off ]]> https://www.proactiveinvestors.co.uk/companies/news/205742/immotion-group-sees-strong-first-half-as-out-of-home-vr-takes-off-205742.html Virtual reality (VR) technology provider Immotion Group PLC (LON:IMMO) expects its VR revenue to grow significantly in the second half of the year after it posted its maiden interim results.

The provider of ‘out of home’ VR experiences, which floated on AIM in July, posted a maiden operating loss of £1.5mln in the six months to the end of June on revenues of £0.55mln.

READ: Immotion launches new VR space game

The company, whose oversubscribed float raised £5.75mln, said it had opened two owned and operated ImmotionVR experience centres in the UK during the period. It added that its first VR experiences had been launched with concession partners at LEGOLAND Discovery Centre, Boston, USA and Resorts World, Birmingham, UK.

Earlier this month, the company announced plans to open further sites in UK shopping centres following the launch of an ImmotionVR centre at intu St Davids in Cardiff. It plans to open three more sites at intu malls in Derby, Newcastle and Uxbridge. The Manchester-based group also plans to expand into the US.

“Our first ImmotionVR experience centres and concessions are trading well and we are very pleased by the positive response we have received from consumers. This has given the executive team the confidence to pursue a rapid roll out in the second half of the year,” Immotion’s chairman Robin Miller said in a statement.

“VR revenue expected to grow very significantly in H2 following post-listing activity,” he added.

Shares in Immotion Group were 2% down by 12.49p in mid-morning trade.

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Wed, 26 Sep 2018 10:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205742/immotion-group-sees-strong-first-half-as-out-of-home-vr-takes-off-205742.html
<![CDATA[RNS press release - Interim Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180926070004_13804536/ Wed, 26 Sep 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180926070004_13804536/ <![CDATA[RNS press release - Extension of exclusive distribution agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180912070004_13787256/ Wed, 12 Sep 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180912070004_13787256/ <![CDATA[RNS press release - Rolls out four new ImmotionVR Centres with intu ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180905070013_13778910/ Wed, 05 Sep 2018 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180905070013_13778910/ <![CDATA[News - Immotion launches new VR space game ]]> https://www.proactiveinvestors.co.uk/companies/news/202718/immotion-launches-new-vr-space-game-202718.html Immotion Group PLC (LON:IMMO) said Monday sees the launch of its exciting new immersive space-themed ride Delta Zero.

In the virtual reality game, players board their own spacecraft and go on a high-speed mission through the universe, battling enemy forces in an attempt to save civilization from the threat of advanced alien technology.

READ: Immotion Group sets itself for virtual reality land grab

“The combination of cutting edge graphics and precisely synched motion takes VR to a new level,” said chief executive Martin Higginson.

“We are confident that the production will be very well received and we believe Delta Zero will be pivotal in enhancing our reputation as the leading out-of-home VR company.

“We look forward to increasing our own content as we continue to build the business across the UK, Europe and USA in what is an exciting, fast growing market."

 

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Mon, 13 Aug 2018 07:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/202718/immotion-launches-new-vr-space-game-202718.html
<![CDATA[RNS press release - Launch of Delta Zero ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180813070005_13752235/ Mon, 13 Aug 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180813070005_13752235/ <![CDATA[RNS press release - New ImmotionVR location ]]> https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180801070007_13738772/ Wed, 01 Aug 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/16684/LSE20180801070007_13738772/ <![CDATA[Media files - Proactive's Tom Howard investigates the commotion around Immotion ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9942/proactive-s-tom-howard-investigates-the-commotion-around-immotion-9942.html Wed, 25 Jul 2018 07:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9942/proactive-s-tom-howard-investigates-the-commotion-around-immotion-9942.html