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Immotion jumps as it surpasses 430 contracted VR headsets

Around 314 of these headsets will be installed at partner sites, while 118 are operated in the company’s own ImmotionVR locations

Immotion Group - Immotion surpasses 430 contracted VR headsets

Immotion Group PLC (LON:IMMO) shares jumped on Thursday as the company said it has inked contracts for over 430 of its virtual reality (VR) headsets after signing deals for 68 of the devices over the past week.

The ‘out of home’ VR entertainment specialist said the 68 new headsets included eight for its first outdoor enclosure at the Roger Williams Zoo in Rhode Island, USA, taking the total number of contracted headsets to 432.

WATCH: Immotion plans fundraising following deal with Las Vegas resort

Around 314 of these will be at partner sites, while 118 are operated in the company’s own ImmotionVR locations.

The bulk of the new installations are due to occur over the first quarter of 2020, Immotion said, all of which can be fulfilled from its current stock.

"We are pleased to have signed a further nine partnership agreements, and for two existing partners to be taking more headsets”, said Immotion chief executive Martin Higginson.

"We remain confident in our business model, and that we will achieve our breakeven target around the end of Q1 2020. Partner demand continues, and with a combination of new experiences, outdoor enclosures, and larger theatre solutions now available, we are well-positioned for growth", he added.

The shares were up 6% at 7.1p in early trading.

--Adds share price--

Quick facts: Immotion Group

Price: 3.0427 GBX

AIM:IMMO
Market: AIM
Market Cap: £11.55 m
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