Immotion Group PLC - Trading update - continued roll-out of headsets
Trading update - continued roll-out of headsets
Based on our visible pipeline, we expect to see a significant acceleration in new installation activity as we go into the New Year. We believe that our existing estate, combined with expected headset installations, will result in an installed base that should deliver monthly underlying EBITDA breakeven (based on our forecasted operating costs) by or around the end of Q1 2020.
As previously announced on
We have seen significant interest from large numbers of aquaria, in both the
Whilst the initial appeal of our offering for partners has been ancillary revenue from a small footprint (2-4 headsets), we are beginning to see demand from very high traffic destinations for larger installations. These could become key exhibits in their own right and become more integral to the visitor experience. We will update the market as these opportunities develop.
Consequently, we are very pleased to announce that following a successful trial at
We will also look to build on the early success of our location tailored Tower Coaster offering. We have been able to design a 400-foot VR roller coaster ride over individual cityscapes, giving us the ability to provide a unique product to high footfall locations. This product has already been successfully deployed in
Our nine own operated and staffed locations, trading as Immotion VR, have operated profitably, and whilst we do not intend to open further locations, preferring the Partner model, we will continue to seek to optimise the performance of these operations.
We expect 2019 full year underlying EBITDA loss to be in line with expectations and revenue to be in the range of
On a pro forma basis, the current average Partner weekly revenue per headset (
To this end in Q1 2020, we expect to launch exciting new "edutainment" experiences aimed at family-focused, high traffic destinations such as zoos; science centres and museums.
"We are pleased with the increasing momentum of interest in and uptake of our Partner offerings. We remain of the view that this is the right path in order to scale our business rapidly and to build a market leading position in the 'out of home' VR market.
We have seen really strong traction in the Aquarium sector and it is clear we have a compelling offer that is delivering strong results for ourselves and our partners. Take-up in this sector continues to be growing and we are also beginning to see interest in larger more 'integrated' installations.
Our Tower Coaster experience is proving extremely popular and we now have this operating in three
We also have some really exciting new experiences in development, which will allow us to open up other large global markets, such as zoos, science centres and museums.
Q1 2020 should be extremely busy and exciting for the Group. We move towards 2020 with growing confidence in our strategy, which is designed to allow us to scale rapidly. We look forward to updating the market further."
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further information please visit www.immotion.co.uk, or contact:
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Tel: +44 (0) 161 235 8505
(Nomad and Joint Broker)
Tel + 44 (0) 207 220 1666
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Tel: +44 (0) 20 7186 9900
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Tel: +44 (0) 207 195 1433
This information is provided by RNS, the news service of the
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