TIDMIMMO
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: GBP1.3m
-- Strong summer trading - July/August aggregate revenue GBP0.9m (VR GBP0.8m)
-- 256 installed headsets; 33 further contracted installs expected in next 3 weeks
-- Overall average revenue per headset: GBP320 (8 months to 31 August 2019)
-- Partner average revenue per headset very encouraging: GBP381
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 GBP2.4m gross
-- Cash on hand GBP2.3m
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 Damon Heath Tel: +44 (0) 20 7186
LLP 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 Immotion@newgatecomms.com
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
GBP320 across our current estate and averaged at the significantly
higher figure of GBP402 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 GBP381
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 GBP0.9m (with Commercial work comprising
GBP0.1m).
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 GBP1.3m
with very strong growth seen in our key Partner segment. VR
revenues, excluding hardware sales, increased to GBP1.0m 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 GBP0.9m (with Commercial
activities comprising GBP0.1m).
Revenue for the period includes income of GBP0.1m 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 GBP1.4m, 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 GBP2.4m gross.
Cash on hand is currently GBP2.3m.
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 Six months 12 months
to to to
30 June 30 June 31 December
19 18 18
GBP'000 GBP'000 GBP'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 (569) (135) (405)
Share based payments (131) - (137)
Acquisition & listing costs - (114) (672)
Restructuring and outlet closure (124) - -
costs
______ ______ ______
Operating loss (2,503) (1,451) (3,752)
------------------------------------- ------ ----------- ----------- ------------
Finance costs (74) (27) (57)
Finance income 2 - 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 4 (13) (16)
of subsidiary ________ ________ ________
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
GBP GBP GBP
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 Premium Retained Foreign Other reserves
Capital reserve earnings exchange Total
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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 - 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 30 June 31 December
19 18 18
GBP'000 GBP'000 GBP'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 (88) (61) (147)
Finance leases (435) (104) (71)
Other payables (17) - (54)
Deferred tax liability - - (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 Six months 12 months
to to to
30 June 30 June 31 December
19 18 18
GBP'000 GBP'000 GBP'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 4 - (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 26 (660) (58)
EQUIVALENTS --------------- --------------- ---------------
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
GBP'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
(2,408)
Additional profit gained as a result
of transition: 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
GBP'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 Discontinued Total
continuing operations 6 months
operations 6 months to 30
6 months to 30 June June 2019
to 30 June 2019
2019
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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)
Total asset Net tangible
External revenue by location by location capital expenditure
of customer of assets by location
of assets
30-Jun-19 30-Jun-19 31-Dec-18 30-Jun-19 31-Dec-18 30-Jun-19 31-Dec-18
Continuing Discontinuing
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'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:
GBP'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 Six months 12 months
to to to
30 June 19 30 June 18 31 December
18
GBP'000 GBP'000 GBP'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
========== ========== ==========
GBP GBP GBP
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 Goodwill Development Total
Assets acquired costs
on acquisition
GBP'000 GBP'000 GBP'000 GBP'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 No. Value
Allotted, issued and fully GBP
paid
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/ Gross share Cash received
share value
GBP GBP
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
GBP13,533 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 GBP5,275 (31 December 2018: GBPnil) to M
Capital Ventures Ltd.
Brand consultancy services to the value of GBP25,355 (31
December 2018: GBP37,161) 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 GBPnil (31 December 2018: GBPnil) 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 GBP24,411 (31 December 2018: GBP204,972)
were invoiced in the period by M Capital Investment Properties to
Immotion Group Plc. At 30 June 2019, Immotion Group Plc owed
GBP3,822 (31 December 2018: GBPnil) to M Capital Investment
Properties Limited.
R Miller is a director of Robin Miller Consultants Ltd. In the
period, services totalling GBP8,862 (31 December 2018: GBP8,750)
were billed to Immotion PLC from Robin Miller Consultants Ltd. At
30 June 2019, GBP3,135 (31 December 2018: GBP1,250) was owing to
Robin Miller Consultants Ltd.
The total amounts paid to key management personnel during the
period was GBP359,571. The key management personnel are considered
to be the directors of Immotion Group PLC.
8. Post balance sheet event
On 5(th) and 7(th) August there were share issues which raised
in aggregate GBP2.37m 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 6 months to 30 June 2019 6 months to 30 June 2019
Continuing operations Discontinued operations Total
GBP'000 GBP'000 GBP'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
GBP'000 GBP'000 GBP'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 rns@lseg.com or visit www.rns.com.
END
IR PGURCBUPBPUC
(END) Dow Jones Newswires
September 25, 2019 02:01 ET (06:01 GMT)
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