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Immotion eyes fruits of expanded product range as tourists return to attractions

Snapshot

  • Makes immersive VR pods and the associated content
  • Revenue share agreements with the likes of Rank Group and Merlin
  • Recent launch of Uvisan anti-bacterial cleaning cabinets
immotion vr racing game

Quick facts: Immotion Group

Price: 2.3 GBX

AIM:IMMO
Market: AIM
Market Cap: £8.73 m
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"We are thrilled to see sites re-opening and to see our booking system spring back to life.

Martin Higginson, chief executive

What it does

Immotion Group PLC (LON:IMMO) 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 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, The O2 Arena 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 licenses out its content and experiences to other companies.

More recently, the company has also launched a range of UV anti-bacterial cleaning cabinets under the Uvisan brand.

How it’s doing

The firm is continuing to target new experiences to expand its product range, with a new in-home offering, ‘Let’s Explore Oceans’, to launch on October 1.

Having been severely affected by coronavirus lockdowns, in early September Immotion said trading had “continued to be encouraging” across its sites that have operated over the summer period since the lockdown was eased.

The firm noted that it currently has 16 partner sites operating its attractions, and has also traded at four of the ImmotionVR sites throughout the summer. 

The ImmotionVR sites have all traded strongly and have generated a profitable contribution despite limited opening times, the company said, noting that whilst visitor numbers are “generally down” in its partner sites due to coronavirus-related restrictions, average revenue per headset has been “encouraging” despite the lower footfall. Two of the firm’s larger locations have also seen demand for additional seats as utilisation was “running at near capacity”.

Immotion also said its largest partner installation to date, the Mandalay Bay resort, has had almost a month of trading and the reaction has been “very positive”, with visitor numbers through the Shark Reef Aquarium in August close to the permitted daily cap of 1,000.

In its results for the six months to June 30, the AIM-listed firm reported an adjusted (EBITDA) loss of £1.21mln, lower than the £1.44mln figure a year ago, despite revenues falling to £818,000 from £1.28mln.

What the boss says: chairman Robin Miller

"Overall, where we are allowed to open, the uptake of our offering, even with reduced footfall, is very encouraging. Whilst many sites remain un-opened, we are encouraged by the level of uptake, and the willingness of consumers to engage with our experiences."

Latest video

 

 

Inflexion points

 

  • Launch of Let's Explore Oceans in-home offering
  • Increasing orders for Uvisan cabinets
  • More customers returning as lockdown eases

 

 

 

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