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Immotion reports encouraging trading across reopened sites

The company said its largest partner installation, the Mandalay Bay, has had almost a month of trading and the reaction has been “very positive”, with visitors through the Shark Reef Aquarium in August close to the permitted daily cap of 1,000

Immotion Group - Immotion reports encouraging trading across reopened sites

Immotion Group PLC (LON:IMMO) said trading has “continued to be encouraging” across its sites that have operated over the summer period since the coronavirus pandemic lockdown was eased.

In a trading update, the ‘out-of-home’ virtual reality 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.

READ: Immotion launches Uvisan cleaning cabinets

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.

“Whilst much uncertainty and disruption remains and numerous sites remain closed, we are encouraged by revenues for August from both our operational Partner estate and ImmotionVR sites”, the company said.

It noted that the re-opening of these sites “should result in a significantly reduced loss in August” and is a “major step forward” in the company achieving its short term objectives of monthly underlying earnings (EBITDA) breakeven and operating cashflow neutrality.

Immotion also said its Uvisan ultraviolet (UV) sanitisation cabinets have been “well-received” by both its VR partners and third party customers, and that early sales to the latter are “encouraging, with a number of important healthcare and industrial partners taking cabinets on a short trial basis”.

The company said it expects to launch its Let’s Explore in-home consumer product later this month, while its interim results are scheduled to be released by the end of September.

"With more and more of our Partner sites opening we have seen revenues increase each week, our Undersea Explorer Virtual Reality Theatre at Mandalay Bay has been very well received by customers. The introduction of our Uvisan sterilisation cabinets has helped us reassure both partners and customers allowing us to operate safely in any location. The product has to date been well received by third parties. We are in talks with some large potential customers which could lead to sizable orders", Immotion chief executive Martin Higginson said in a statement.

"The Let's Explore in-home offering is reaching completion and we look forward to updating the market fully on this exciting new launch in the next week, or so," he added.

Quick facts: Immotion Group

Price: 2.3 GBX

Market: AIM
Market Cap: £8.73 m

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