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Immotion Group PLC - Trading Update

RNS Number : 6942F
Immotion Group PLC
11 March 2020
 

Immotion Group plc

("Immotion Group", the "Company")

 

 Immotion Trading Update

 

Immotion Group, the UK-based immersive virtual reality ("VR") 'Out of Home' entertainment group, is pleased to announce it has in recent weeks, signed contracts for a further 28 headsets, including our first partnership with Landry's, a leading USA leisure group, at their Downtown Aquarium site in Denver, USA.

 

Recent weekly trading patterns are in line with our expectations, and at this stage, we have not seen any overall impact which we could attribute to the Covid19 virus. The Company's portfolio of partners is geographically well spread with partners from Sydney to Seattle, Blackpool to Boston, and Dubai to Denver. We do however continue to monitor each partner site and its performance carefully.

 

In regards to stock and the supply of motion platforms and headsets, we have secured sufficient VR headsets and motion platform seats to deploy all current and forthcoming installations. Our manufacturing plant in China is now back at work and is currently manufacturing our next order.

 

Our program of installs continues as planned, with Mandalay Bay on track and due to open at the end of this month, March 2020.

 

We expect the total number of installed, and operational headsets at the end of March 2020 to be around 400, with further installs to take place in early April, which with the additional 28 headsets, noted below, will take the total number of headsets in operation to 465.

 

New Contracts:

 

 

 

 

 

Dezerland Park, Orlando, USA

12 Headsets

(Entertainment)

Dezerland Park, Miami, USA

4 Headsets

(Entertainment)

Downtown Aquarium, Denver, USA

4 Headsets

(Undersea)

Denver Museum of Nature & Science, Denver, USA

4 Headsets

(Undersea)

Oklahoma Aquarium, USA

4 Headsets

(Undersea)

 

Total

28 Headsets

 

 

The Company is very much aware of the potential threats of the Covid19 virus and it continues to monitor all sites daily and will respond accordingly. The Company raised additional cash through a placing in January 2020 and has sufficient stock to fulfil all current demands and is we believe, well placed to weather this current storm.

Martin Higginson, Immotion Group plc CEO, said:

"These are clearly challenging times, and whilst we believe we are well placed to deal with this crisis we are currently taking each day at a time."

"Shark Reef Aquarium at Mandalay Bay is on track to open at the end of this month, and we remain excited and optimistic at this, our largest installation to date. All other installs are on track and we expect circa 400 headsets to be installed and operational by the end of this month, March 2020."

"With a geographically diverse portfolio we are as well positioned as one can be in the face of the current challenges. We continue to monitor revenue and performance daily, working closely with our partners to reassure, educate and entertain customers."

 

 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

(Nomad and Joint Broker)

 

 

Adrian Hadden 

Darshan Patel

Matthew Chan

Tel + 44 (0) 207 220 1666

Shard Capital Partners LLP

(Joint Broker)

 

Damon Heath

Erik Woolgar

Tel: +44 (0) 20 7186 9900

Alvarium Capital Partners

Alex Davies

Tel: +44 (0) 207 195 1433

 

 

 


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Quick facts: Immotion Group

Price: 2.667

Market: AIM
Market Cap: £10.12 m
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