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viewImmotion Group

Interim Results for the six months to 30 June 2019

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RNS Number : 5425N
Immotion Group PLC
25 September 2019
 

25 September 2019

 

Immotion Group PLC ("Immotion Group"; the "Company" or the "Group")

 

Interim Statement

 

Immotion Group PLC (AIM: IMMO.L), the provider of 'Out of Home' virtual reality ("VR") experiences, is pleased to announce its Interim Results for the six months to 30 June 2019.

 

Highlights

·    Revenue for 6 months to 30 June 2019: £1.3m

·    Strong summer trading - July/August aggregate revenue £0.9m (VR £0.8m)

·    256 installed headsets; 33 further contracted installs expected in next 3 weeks

·    Overall average revenue per headset: £320 (8 months to 31 August 2019)

·    Partner average revenue per headset very encouraging: £381 per headset for 8 months to 31 August 2019

·    Monthly underlying EBITDA breakeven expected in Q1 2020

·    Partner model gaining considerable traction - high quality signings

·    Most recent partners signed: Dubai Aquarium; San Antonio Aquarium and Austin's Aquarium (Texas)

·    Aquarium sector outperforming - strong pipeline of interest

·    Placing completed July 2019 raising £2.4m gross

·    Cash on hand £2.3m

 

Robin Miller, Chairman of Immotion Group said: "We are now beyond the half way stage of what looks like a very promising year. We have, through a journey of discovery, honed our business model and are now focused on growing this model rapidly.

Our partnerships with entertainment giants are not only minimising risk but providing huge opportunity on a global basis. We are therefore confident in our target of not only reaching monthly breakeven in Q1 2020, but in delivering 1000 installed headsets by the end of 2020."


We are particularly encouraged by our early success in the USA, with our aquarium offering. Our wide range of experiences are proving popular both in the 'edutainment' and 'entertainment' sectors. Our partnership model is a winning formula and whilst there is much to be done, we look forward with considerable confidence."

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 

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)

Darshan Patel

 

Shard Capital Partners LLP

Damon Heath

Tel: +44 (0) 20 7186 9900

(Joint Broker)

Eric Woolgar

 

Alvarium Capital Partners

Alex Davies

Tel: +44 (0) 207 195 1433

(Joint Broker)

 

 

Newgate Communications

Elisabeth Cowell

Tel: +44 (0) 20 3757 6880

(Financial PR)

Robin Tozer

[email protected]

 

Overview

 

We are pleased to report solid progress in the first half of 2019. We have continued to add a number of high-quality partners to our roster, especially in the Aquarium sector, which has strongly out-performed the overall estate and will be the focus of our efforts over the coming months.

 

Trading in the overall Partner estate has been excellent.  For the year to date, average gross revenue per headset per week was £320 across our current estate and averaged at the significantly higher figure of £402 during the six-week school holiday period, further underpinning our decision to focus all our efforts on our partnership model.   Our current partnership estate averaged £381 per headset per week in the 8 months to 31 August 2019.

 

Total revenue during the peak-trading months of July and August 2019 was in excess of £0.9m (with Commercial work comprising £0.1m).

 

Our simple offering makes life very easy for our Partners.  We provide the hardware; the content; training and support, all at our cost.  The Partner provides the staff; space and the footfall at their cost, with revenues being shared. 

 

This model allows the Partner to offer a sector relevant immersive VR experience to their visitors at an affordable price.  The small footprint, valuable ancillary revenue, and no upfront capital investment is proving compelling for Partners and provides us with the opportunity to work with high quality partners with significant established footfall.

 

We have divided the market into four sectors: Aquariums, Zoos, and Science Centres ("Edutainment") and Entertainment. To date our focus has been on both the Entertainment and the Aquarium destinations within the Edutainment sector.

 

In the Entertainment vertical, we have secured partnerships with a number of leading players, including The O2, Blackpool Tower and Madame Tussauds to name but a few.

 

The response both in terms of Partner and visitor uptake in the Aquaria sector has exceeded our expectations.  This along with a wider interest in educational VR experiences, has spurred us on to begin development of tailored offerings for the Zoo and Science Centre markets.

 

We currently have a total installed base of 256 headsets with a further 33 installs due in next 3 weeks and remain confident of reaching the 400+ installed headsets necessary to meet our short-term objective of monthly EBITDA breakeven in Q1 2020.

 

We have set ourselves the challenging target of a total of 1,000 headsets installed by the end of 2020.  To achieve this goal, we will continue to focus our efforts on signing new partners, especially in the 'Edutainment' sector, in both the USA and in Europe.  Given the initial outperformance of and further interest in our Aquarium offering this will be the main focus of our marketing efforts for the remainder of 2019. 

 

In addition, we recently exhibited at the annual conferences of both the Association of Zoos and Aquaria (AZA) in New Orleans, USA, and the European Association of Zoos and Aquariums (EAZA) in Valencia, Spain, where we received a very positive reception and a large number of enquiries from major aquariums and zoos. In addition, we are in advanced discussions with a number of major new leisure partners.  

 

Financial Review

 

Revenue for the 6 months from continuing operations was £1.3m with very strong growth seen in our key Partner segment. VR revenues, excluding hardware sales, increased to £1.0m in H1 2019, up 55% and 854% compared with H2 2018 and H1 2018 respectively.

 

Trading was particularly strong in July and August 2019 driven by the summer holiday season; the out-performance of our aquarium sites; and a larger installed base. Un-audited aggregate revenue for July and August 2019 was in excess of £0.9m (with Commercial activities comprising £0.1m).

 

Revenue for the period includes income of £0.1m from Commercial and licensing activities, mainly the contract with IP2.  We have exited low margin agency work across the group but will look strategically at projects that provide us with content and other IP that can be used in the core business at minimal net cost or indeed which are self-funding.

 

Our overall EBITDA loss from continuing operations (before one-offs and share based payments) was £1.4m, which was in line with our expectations.  We would expect the loss to reduce in H2 as our installed Partner sites and associated revenue continue to grow. We continue to expect monthly underlying EBITDA breakeven to be achieved during Q1 2020.

 

Our cash position has been bolstered by the equity placing completed in early August 2019 which raised circa £2.4m gross. Cash on hand is currently £2.3m.  

 

Outlook

 

We are now starting to reap the benefits of our decision to focus our efforts on our unique Partnership model, and with increased investment in our Partner Sales team, we are seeing strong demand from prospective Partners for our offering.

 

We are focused on delivering EBITDA breakeven in Q1 2020, and from this base to continue our growth into a highly profitable business in this emerging market.

 

 

IMMOTION GROUP PLC

INTERIM CONSOLIDATED INCOME STATEMENT

for the six months ended 30 June 2019

 

 

Unaudited

Unaudited

Audited

 

 

Notes

Six months to

Six months to

12 months to

 

 

 

30 June 19

30 June 18

31 December 18

 

 

 

£'000

£'000

£'000

 

Continuing Operations

 

 

 

 

 

Revenue

 

1,280

547

1,948

 

 

 

 

 

 

 

Cost of sales

 

(1,154)

 (502)

(1,436)

 

 

 

_______

_______

_______

 

Gross profit

 

126

45

512

 

 

 

 

 

 

 

Administrative expenses

 

(2,629)

(1,496)

(4,264)

 

 

 

_______

_______

_______

 

Operating loss

 

(2,503)

(1,451)

(3,752)

 

 

 

 

 

 

 

"Adjusted operating loss" being operating loss before exceptional charges, depreciation and amortisation and share based payments

 

 

(1,443)

 

(1,162)

 

 

 

(2,360)

 

Amortisation

 

(236)

(40)

(178)

 

Depreciation

Share based payments

 

(569)

(131)

(135)

(405)

(137)

 

Acquisition & listing costs

 

-

(114)

(672)

 

Restructuring and outlet closure costs

 

(124)

-

-

 

 

 

______

______

______

 

Operating loss

 

(2,503)

(1,451)

(3,752)

 

 

 

 

 

 

 

Finance costs

Finance income

 

(74)

2

(27)

(57)

2

 

 

 

______

______

______

 

Loss before taxation

 

(2,575)

(1,478)

(3,807)

 

 

 

 

 

 

 

Tax (charge)/credit

 

137

84

159

 

 

 

______

______

______

 

Loss for the period from continuing operations

 

(2,438)

 

(1,394)

 

(3,648)

 

Profit/ (loss) from discontinued operations

10

44

(196)

(175)

 

 

 

 

 

 

 

TOTAL EXPENSE FOR THE PERIOD

 

(2,394)

 

(1,590)

(3,823)

 

 

 

========

========

========

 

 

 

 

 

 

 

Profit/ (loss) on translation of subsidiary

 

4

________

(13)

________

(16) 

________

 

OTHER COMPREHENSIVE EXPENSE FOR THE PERIOD

 

4

(13)

(16) 

 

 

 

 

 

 

 

TOTAL COMPREHENSIVE EXPENSE FOR THE

PERIOD

 

(2,390)

(1,603)

(3,839)

 

 

 

========

========

========

 

Earnings per share

4

 

 

 

 

 

 

£

£

£

 

Basic EPS from continuing operations

 

(1.06)

(0.14)

(2.31)

 

Basic EPS from discontinued operations

 

0.02

(0.02)

(0.11)

 

 

 

______

______

______

 

Basic EPS from loss for the period

 

(1.04)

(0.16)

(2.42)

 

 

 

 

 

 

 

Diluted EPS from continuing operations

 

(1.06)

(0.14)

(2.31)

 

Diluted EPS from discontinued operations

 

0.02

(0.02)

(0.11)

 

 

 

______

______

______

 

Diluted EPS from loss for the period

 

(1.04)

(0.16)

(2.42)

 

 

 

______

______

______

 

               

IMMOTION GROUP PLC

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six months ended 30 June 2019

(unaudited)

 

 

 

Share

 

 

 

 

 

Share Capital

 

Premium reserve

Retained earnings

Foreign exchange reserve

Other reserves

 

Total

 

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

Balance at 31 December 2017

-

3,704

(175)

-

-

3,529

 

 

 

 

 

 

 

Total comprehensive expense for the period

-

-

(1,590)

-

-

(1,590)

 

 

 

 

 

 

 

Currency translation expense

 

-

-

-

(13)

-

(13)

Issue of new shares

 

-

571

-

-

-

571

Bonus Issue

 

52

(52)

-

-

-

-

Issue costs deducted from equity

-

(68)

-

-

-

(68)

 

 

 

 

 

 

 

Equity element of convertible loan

-

-

-

-

126

126

 

_____

_____

_____

_____

_____

_____

Balance at 30 June 2018

52

4,155

(1,765)

(13)

126

2,555

 

_____

_____

_____

_____

_____

_____

 

 

 

 

 

 

 

Total comprehensive expense for the period

-

-

(2,233)

-

 

(2,233)

 

 

 

 

 

 

 

Issue of new shares

 

26

6,215

-

-

(126)

6,115

Issue costs deducted from equity

-

(371)

-

-

-

(371)

 

 

 

 

 

 

 

Share based payment expense

-

-

137

-

-

137

 

Currency translation of overseas subsidiary

 

-

 

-

 

-

 

(3)

 

-

 

(3)

 

_____

_____

_____

_____

_____

_____

Balance at 31 December 2018

78

9,999

(3,861)

(16)

-

6,200

 

_____

_____

_____

_____

_____

_____

 

Total comprehensive expense for the period

 

-

 

-

 

(2,394)

 

-

 

-

 

(2,394)

 

 

 

 

 

 

 

Currency translation expense

-

-

-

4

-

 

 

 

 

 

 

 

Issue of new shares

22

3,278

-

-

-

3,300

 

 

 

 

 

 

 

Issue costs deducted from equity

-

(219)

-

-

-

(219)

 

 

 

 

 

 

 

Share based payment expense

-

-

131

-

-

131

 

 

 

 

 

 

 

 

_____

_____

_____

_____

_____

_____

Balance at 30 June 2019

100

13,058

(6,124)

(12)

-

7,022

 

_____

_____

_____

_____

_____

_____

 

 

 

 

 

 

 

 

IMMOTION GROUP PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30 June 2019

 

 

 

Unaudited

Unaudited

Audited

 

 

Notes

30 June 19

30 June 18

31 December 18

 

 

 

£'000

£'000

£'000

 

ASSETS

 

 

 

 

 

NON-CURRENT ASSETS

 

 

 

 

 

Property, plant and equipment

 

1,838

749

1,574

 

Right of use asset

 

914

-

-

 

Intangible assets

5

4,517

3,048

4,038

 

 

 

______

______

______

 

 

TOTAL NON-CURRENT ASSETS

 

7,269

3,797

5,612

 

 

 

 

______

______

______

 

 

 

 

 

 

 

CURRENT ASSETS

Inventories

 

 

147

 

-

 

                               133

 

Trade and other receivables

 

1,139

987

1,410

 

Deferred tax asset

 

-

9

-

 

Cash and cash equivalents

 

737

109

711

 

 

 

______

______

______

 

TOTAL CURRENT ASSETS

 

2,023

1,105

2,254

 

 

 

______

______

______

 

TOTAL ASSETS

 

9,292

4,902

7,866

 

 

 

______

______

______

 

LIABILITIES

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade and other payables

 

(864)

(1,321)

(886)

 

Finance Leases

 

(559)

(60)

(52)

 

Bank overdraft and loans

 

(156)

(666)

(177)

 

Deferred tax

 

(38)

-

(26)

 

Contract liabilities

 

(113)

(135)

(189)

 

 

 

_______

_______

_______

 

TOTAL CURRENT LIABILITIES

 

(1,730)

(2,182)

(1,330)

 

 

 

_______

_______

_______

 

TOTAL CURRENT NET ASSETS

 

293

(1,077)

924

 

 

 

 

 

 

 

NON-CURRENT LIABILITIES

 

 

 

 

 

Bank loans

Finance leases

Other payables

Deferred tax liability

 

(88)

(435)

(17)

-

(61)

(104)

(147)

 (71)

(54)

(64)

 

 

 

 

_______

_______

_______

 

 

TOTAL NON-CURRENT LIABILITIES

 

(540)

(165)

(336)

 

 

 

 

 

 

 

 

 

 

 

_______

_______

_______

 

 

TOTAL NET ASSETS

 

7,022

2,555

6,200

 

 

 

 

_______

_______

_______

 

 

 

 

 

 

 

 

 

CAPITAL AND RESERVES

ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

 

 

 

 

 

Issued Share capital

6

100

52

78

 

Share premium account

6

13,058

4,155

9,999

 

Other reserves

 

-

126

-

 

Foreign exchange reserve

 

(12)

(13)

(16)

 

Retained earnings

 

(6,124)

(1,765)

(3,861)

 

 

 

_______

_______

_______

 

 

 

7,022

_______

 

2,555

_______

 

6,200

_______

 

 

               

 

IMMOTION GROUP PLC

CONSOLIDATED CASH FLOW STATEMENT

for the six months ended 30 June 2019

 

 

Unaudited

Unaudited

Audited

 

 

Six months to

Six months to

12 months to

 

 

30 June 19

30 June 18

31 December 18

 

 

£'000

£'000

£'000

 

OPERATING ACTIVITIES

 

 

 

 

Loss before tax including discontinued operations

(2,531)

(1,603) 

(3,982)

 

 

 

 

 

 

Adjustments for:

 

 

 

 

Share based payments

131

-

137

 

Depreciation

569

135

385

 

Amortisation

236

200

178

 

Impairment of intangible assets

-

-

231

 

Finance costs

74

27

57

 

Finance income

-

-

(2)

 

Foreign exchange on retranslation of fixed assets

(11)

8

(28)

 

Foreign exchange loss

-

(16)

 

Taxation paid

-

84

(13)

 

 

_____

_____

_____

 

Operating loss before changes in working capital and provisions

(1,528)

(1,149) 

(3,053)

 

 

 

 

 

 

Increase in stocks

(14)

(133)

 

Decrease/(increase) in trade and other receivables

357

(122)  

(458)

 

(Decrease) in trade and other payables

(117)

406

168

 

 

_____

_____

_____

 

Cash generated by/ (used in) operations

226

284

(423)

 

 

_____

_____

_____

 

Cash flows used in operating activities

(1,302)

(865)  

(3,476)

 

 

_____

_____

_____

 

INVESTING ACTIVITIES

 

 

 

 

Purchase of property, plant and equipment

(1,750)

(407)  

(1,524)

 

Purchase of intangible assets

(715)

(352)  

(1,542)

 

Disposals of PPE

25

-

76

 

Finance income

2

-

2

 

 

_____

_____

_____

 

Cash consumed by investing activities

(2,438)

(759) 

(2,988)

 

 

_____

_____

_____

 

FINANCING ACTIVITIES

 

 

 

 

New Loans and finance leases

1,063

-

179

 

Loan repayments

(91)

-

(89)

 

Finance lease repayments

(213)

-

-

 

Issue of ordinary shares

3,300

503

6,324

 

Costs on issue of shares

(219)

-

(439)

 

Issue of convertible loan stock

-

488

488

 

Finance costs

(74)

(27)  

(57)

 

 

Cash generated by financing activities

_____

3,766

_____

964

_____

6,406

 

 

 

 

 

 

 

 

 

 

 

INCREASE/ (DECREASE) IN CASH AND CASH

EQUIVALENTS

26

---------------

(660) 

---------------

(58)

---------------

 

 

 

 

 

 

Cash and cash equivalents brought forward

711

769

769

 

 

_____

_____

_____

 

CASH AND CASH EQUIVALENTS CARRIED FORWARD

737

109

711

 

 

_____

_____

_____

 

 

 

 

 

 

IMMOTION GROUP PLC

NOTES TO THE INTERIM REPORT

for the six months ended 30 June 2019

 

1.     Corporate information

 

The interim consolidated financial statements of the group for the period ended 30 June 2019 were authorised for issue in accordance with a resolution of the directors on 24 September 2019. Immotion Group Plc ("the company") is a Public Limited Company quoted on AIM, incorporated in England and Wales. The interim consolidated financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.

 

2.     Statement of Accounting policies

 

2.1   Basis of Preparation

The entities consolidated in the half year financial statements of the company for the six months to 30 June 2019 comprise the company and its subsidiaries (together referred to as "the group").

 

The interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements.

 

The directors are satisfied that, at the time of approving the consolidated interim financial statements, it is appropriate to adopt a going concern basis of accounting and in accordance with the recognition and measurement principles of International Financial Reporting Standards adopted for use in the European Union ("IFRS").

 

2.2   Accounting Policies

 

The principal accounting policies adopted in the preparation of the financial statements are set out below.  The policies have been consistently applied to all periods presented, unless otherwise stated.

 

The interim results announcement has been prepared in accordance with International Financial Reporting Standards ("IFRS"), International Accounting Standards and Interpretations issued by the International Accounting Standards Board as adopted by the European Union ("IFRSs") and with those parts of the Companies Act 2006 applicable to companies preparing their accounts under IFRSs.  The consolidated financial statements have been prepared under the historical cost convention.

 

The preparation of these consolidated half year financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates in preparing these consolidated half year financial statements.

 

New, revised or amended Accounting Standards and Interpretations adopted

Effective 1 January 2019, IFRS 16 has replaced IAS 17 Leases and IFRIC 4 Determining Whether an Arrangement Contains a Lease. IFRS 16 provides a single lessee accounting model, requiring the recognition of assets and liabilities for all leases, together with options to exclude leases where the lease term is 12 months or less, or where the underlying asset is of low value.

 

The Group adopted IFRS 16 using the modified retrospective approach with recognition from the transitional date (1 January 2019) without restatement of comparative figures.

 

As a lessee, the Group previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under IFRS 16, the Group recognises right-of-use assets and lease liabilities, except whether the lease is low value, or the lease term is 12 months or less. The lease liabilities were measured at the present value of the remaining lease payments, discounted using the Group's incremental borrowing rate as at 1 January 2019, considered to be 6%.

 

The following table presents the impact of adopting IFRS 16:

 

 

 

 

1 January 2019

£'000

 

 

Loss for the period to 30 June 2019:

(2,394)

 

 

Add back: notional interest charged on finance leases

27

Add back: depreciation charged on right-of-use asset

160

Less: rent which would have been charged before transition:

(201)

 

 

Revised loss for 30 June 2019

 

Additional profit gained as a result of transition:

 

(2,408)

 

14

 

The following table reconciles the minimum lease commitments disclosed in the Group's 31 December 2018 annual financial statements to the amount of lease liabilities recognised on 1 January 2019:

 

 

1 January 2019

£'000

 

 

Minimum operating lease commitment at 31 December 2018:

1,311

 

Less: short-term leases not recognised under IFRS 16

(88)

Less: leases terminated before 30/06/2019

(53)

 

Undiscounted lease payments

 

1,170

 

 

Less: effect of discounting using the incremental borrowing rate as at the date of initial application

(107)

Lease liabilities recognised at 1 January 2019

1,063

 

 

Interest for 6 months to 30 June 2019

27

Rental payments for 6 months to 30 June 2019

(186)

Foreign exchange losses charge

(7)

 

Lease liability at 30 June 2019

897

 

 

3.     Segment Information

 

The Group's primary reporting format for segment information is business segments which reflect the management reporting structure in the Group.

 

6 months to 30 June 2019

 

 

 

VR experiences

Content

Head Office

Total continuing operations

6 months to 30 June 2019

Discontinued operations

6 months to 30 June 2019

Total

6 months to 30 June 2019

 

 

£'000

          £'000

          £'000

         £'000

  £'000

       £'000

 

Revenue

1,147

133

-

1,280

18

1,298

 

Cost of sales

(1,055)

(99)

-

(1,154)

19

(1,135)

 

Admin expenses*

(639)

-

(930)

(1,569)

-

(1,569)

 

 

----------------

----------------

----------------

---------------

---------------

--------------------

 

Operating (loss)/ profit

(547)

34

(930)

(1,443)

37

(1,406)

 

 

 

 

 

 

 

 

 

Amortisation

(52)

(134)

(50)

(236)

-

(236)

 

Depreciation

(388)

(34)

(147)

(569)

-

(569)

 

Restructuring and outlet closure costs

-

(53)

(71)

(124)

7

(117)

 

Finance costs

-

-

(74)

(74)

-

(74)

 

Finance income

-

-

2

2

-

2

 

Share based payments

-

-

(131)

(131)

-

(131)

 

Tax

-

-

137

137

-

137

 

 

----------------

----------------

----------------

-------------

---------------

--------------------

 

Loss for the period

(987)

(187)

(1,264)

(2,438)

44

(2,394)

 

 

----------------

----------------

----------------

------------

---------------

--------------------

 

 

 

 

 

 

 

 

 

*Admin expenses exclude depreciation, amortisation and acquisition and listing costs.

 

 

3.     Segment Information (continued)

 

 

 

 

External revenue by location of customer

Total asset by location of assets

Net tangible capital expenditure by location of assets

 

30-Jun-19

Continuing

30-Jun-19

Discontinuing

31-Dec-18

30-Jun-19

31-Dec-18

30-Jun-19

31-Dec-18

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

719

-

1,011

7,392

7,032

213

1,033

United States of America

 

348

18

636

1,393

834

314

491

Netherlands

77

-

230

-

-

-

-

KSA

56

-

-

60

-

61

-

China

34

-

49

-

-

-

-

Australia

23

-

-

18

-

18

-

Germany

14

-

(6)

34

-

40

-

Spain

12

-

224

-

-

-

-

United Arab Emirates

 

8

-

136

123

-

141

-

Japan

5

-

498

-

-

-

-

Estonia

1

-

16

-

-

-

-

Portugal

(17)

-

-

-

-

-

-

Saudi Arabia

-

-

48

-

-

-

-

Eire

-

-

8

-

-

-

-

Switzerland

-

-

4

-

-

-

-

 

_____

_____

_____

_____

_____

_____

_____

Total

1,280

18

2,854

9,020

7,866

787

1,524

 

----_____

_____

_____

_____

_____

_____

_____

                                               

 

 

More than 10% of revenue was generated revenue from one customer. This has been recognised within VR experiences. 

 

Total revenues for the period to 30 June 2019:

 

 

£'000

USA

210

UK

105

 

 

Total

315

 

 

4.     Earnings per share


The calculation of the group basic and diluted loss per ordinary share is based on the following data:

 

 

 

Unaudited

Unaudited

Audited

 

 

Six months to

Six months to

12 months to

 

 

30 June 19

30 June 18

31 December 18

 

 

£'000

£'000

£'000

 

The earnings per share is based on the following:

 

 

 

 

 

 

 

 

 

Continuing earnings post tax loss attributable to shareholders

(2,438)

(1,394)

(3,648)

 

 

 

 

 

 

Discontinued earnings post tax profit/ (loss) attributable to shareholders

44

(196)

(175)

 

 

 

 

 

 

 

==========

==========

==========

 

Basic Weighted average number of shares

230,119,542

10,053,557

158,136,544

 

Diluted Weighted average number of shares

230,119,542

10,053,557

158,136,544

 

 

==========

==========

==========

 

 

 

 

 

 

 

£

£

£

 

Basic earnings per share

(1.04)

(0.16)

(2.42)

 

Diluted earnings per share

(1.04)

(0.16)

(2.42)

 

 

==========

==========

==========

 

Continuing earnings per share

(1.06)

(0.14)

(2.31)

 

Continuing diluted earnings per share

(1.06)

(0.14)

(2.31)

 

 

==========

==========

==========

 

Discontinued earnings per share

0.02

(0.02)

(0.11)

 

Discontinued diluted earnings per share

0.02

(0.02)

(0.11)

 

 

==========

==========

==========

 

 

 

 

 

Earnings per ordinary share has been calculated using the weighted average number of shares in issue during the year. The weighted average number of equity shares in issue was 230,119,542.

 

5.     Intangible Assets

 

 

 

 

 

 

 

 

 

Other Intangible Assets

Goodwill acquired on acquisition

Development costs

 

Total

 

 

 

 

 

 

 

£'000

£'000

£'000

 

£'000

 

 

 

 

 

 

Cost

 

 

 

 

 

At 1 January 2019

504

2,438

1,506

 

4,448

Additions

-

-

715

 

715

 

_____

_____

_____

 

_____

At 30 June 2019

504

2,438

2,221

 

5,163

 

_____

_____

_____

 

_____

Amortisation

 

 

 

 

 

At 1 January 2019

316

-

94

 

410

 

 

 

 

 

 

Charge

36

-

200

 

236

 

_____

_____

_____

 

_____

At 30 June 2019

352

-

294

 

646

 

_____

_____

_____

 

_____

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

 

 

 

 

 

30 June 2019

152

2,438

1,927

 

4,517

 

_____

_____

_____

 

_____

 

 

 

 

 

 

31 December 2018

188

2,438

1,412

 

4,038

 

_____

_____

_____

 

_____

 

 

 

 

 

 

 

 

 

 

 

Development costs are fully amortised on a straight-line basis over 3 years.

 

For projects which are still underway and are not ready to be used no amortisation has been charged.

 

Other intangible assets are being amortised over a period of 3 years. Goodwill is not amortised.

 

Amortisation is charged to administrative costs in the Statement of Comprehensive Income.

 

 

6.     Share capital

 

Called up share capital

Allotted, issued and fully paid

 

 

No.

Value

£

 

 

 

 

Ordinary shares of 0.00040108663 pence each

 

250,351,584

100

 

 

===========

==========

 

Shares issued in the 6 month period to 30 June 2019:

 

Date

Description

No shares

Price/ share

Gross share value

Cash received

 

 

 

 

£

£

06.03.19

Issue of 6p shares

54,999,994

0.06

3,299,999

3,299,999

 

 

 

-----------------------

 

---------------------

---------------------

 

 

 

54,999,994

 

3,299,999

3,299,999

 

 

 

===========

 

==========

=========

 

As at 31 December 2018

195,351,590

 

10,517,386

7,403,887

 

As at 30 June 2019

250,351,584

 

13,817,385

10,703,886

 

 

7.     Related party transactions

 

M J Higginson, R W Miller and D Marks, directors and shareholders of Immotion Group Plc, are also directors and shareholders of M Capital Ventures Ltd. Services to the value of £13,533 were invoiced in the period to 30 June 2019 by M Capital Ventures Ltd to Immotion Group Plc, no services were invoiced by Immotion Group Plc to M Capital Ventures Ltd. At 30 June 2019, Immotion Group Plc owed £5,275 (31 December 2018: £nil) to M Capital Ventures Ltd.

 

Brand consultancy services to the value of £25,355 (31 December 2018: £37,161) were invoiced in the period to Immotion Group Plc by S Higginson, the adult son of M J Higginson.  M J Higginson is a director and shareholder of Immotion Group Plc. There was £nil (31 December 2018: £nil) outstanding at the period end.

 

M J Higginson is a controlling shareholder of M Capital Investment Properties Limited, and his adult son, S Higginson, and adult step-daughter, E Stanyon, are directors of that company. Services to the value of £24,411 (31 December 2018: £204,972) were invoiced in the period by M Capital Investment Properties to Immotion Group Plc. At 30 June 2019, Immotion Group Plc owed £3,822 (31 December 2018: £nil) to M Capital Investment Properties Limited.

 

R Miller is a director of Robin Miller Consultants Ltd. In the period, services totalling £8,862 (31 December 2018: £8,750) were billed to Immotion PLC from Robin Miller Consultants Ltd. At 30 June 2019, £3,135 (31 December 2018: £1,250) was owing to Robin Miller Consultants Ltd.

 

The total amounts paid to key management personnel during the period was £359,571. The key management personnel are considered to be the directors of Immotion Group PLC.

 

 

8.     Post balance sheet event

 

On 5th and 7th August there were share issues which raised in aggregate £2.37m gross of fees.

 

9.     Seasonality

 

The Group's activities are not subject to significant seasonal variation.

 

 

10.   Discontinued operations

 

 

6 months to 30 June 2019

Continuing operations

 

6 months to 30 June 2019

Discontinued operations

 

6 months to 30 June 2019

Total

 

 

 

£'000

£'000

            £'000

 

 

 

 

Revenue

1,280

18

1,298

Cost of sales

(1,154)

19

(1,135)

 

----------------

---------------------

------------------

Gross profit

126

37

163

 

 

 

 

Sales general & administration expenses

(1,569)

-

(1,569)

Restructuring and outlet closure costs

(124)

7

(117)

Depreciation

(569)

-

(569)

Amortisation

(236)

-

(236)

Share based payments

(131)

-

(131)

 

 

 

 

 

----------------

---------------------

------------------

Operating loss

(2,503)

44

(2,459)

Finance costs

(74)

-

(74)

Finance income

2

-

2

 

----------------

---------------------

------------------

Profit/ (loss) before tax

(2,575)

44

(2,531)

 

----------------

---------------------

------------------

Tax

137

-

137

 

----------------

---------------------

------------------

Profit/ loss after tax

(2,438)

44

(2,394)

 

----------------

---------------------

------------------

Other comprehensive expenses

4

-

4

 

----------------

---------------------

------------------

Total Comprehensive expense

(2,434)

44

(2,390)

 

_______

________

_______

 

  Cashflows from continuing and discontinued operations are as follows:  

 

 Continuing

Discontinuing

            Total

 

        £'000

            £'000

            £'000

 

 

 

 

Operating cash flows

(1,366)

64

(1,302)

Investing cash flows

(2,438)

-

(2,438)

Financing cash flows

3,766

-

3,766

 

----------------

---------------------

------------------

 

 

 

 

 


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.
 
END
 
 
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