Investor deep dive
Immotion revenue growth accelerates on rising demand for virtual reality products
30 May 2019
Immotion Group plc
("Immotion Group", the "Company")
Immotion Group, the UK-based immersive virtual reality ("VR") 'Out of Home' entertainment business, is pleased to announce, following the initial success of its "Blue Ocean' VR cinematic pod installations, the signing of a number of additional Concession agreements, including its first zoo.
The new locations are Mote Marine Laboratory ("Mote") in Sarasota, Florida, and Santa Barbara Zoo. Mote, established in 1955, is one of the oldest aquariums in the USA, with a staff of over 200 people on a 10.5-acre estate, serving some 344,000 annual visitors. Santa Barbara Zoo is the Company's first deployment in a zoo, a 30-acre site housing over 500 animals with circa 500,000 visitors per annum.
These new additions join several other aquariums including: OdySea in Scottsdale, Arizona, which recently featured on FoxNews - https://on.frame.io/YdS5xLXV, Norwalk in Connecticut, and Merlin Entertainment's SeaLife centres in Sydney, and Melbourne, both of which opened their VR offering to the public last week, and SeaLife in Oberhausen, Germany, which opened a few weeks ago.
Rod Findley, Group Commercial Director said: "We continue to hone our aquatic offering.
Our latest experience, 'Swimming with Sharks' filmed in the Bahamas, will be released shortly plus we have two more subsea CGI experiences being loaded on to our cinematic pods this month. Initial customer feedback has been overwhelmingly positive, with very encouraging early trading across all the aquatic centres.
"As we develop our business model, we will focus more of our efforts on perfecting our VR cinema pods for high footfall destination locations such as Aquatic Centres and zoos. Our experiential content is quickly become renowned for its immersive quality and realism.
"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."
Tel: +44 (0) 161 235 8505
WH Ireland Limited
(Nomad and Joint Broker)
Tel: +44 (0) 207 220 1666
Newgate Communications (Financial PR)
Tel: +44 (0) 20 3757 6880
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 [email protected] or visit www.rns.com.
Quick facts: Immotion Group
Market Cap: £19.27 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE