Immotion Group PLC Trading Update (6942F)
March 11 2020 - 3:00AM
UK Regulatory
TIDMIMMO
RNS Number : 6942F
Immotion Group PLC
11 March 2020
Immotion Group plc
("Immotion Group", the "Company")
Immotion Trading Update
Immotion Group, the UK-based immersive virtual reality ("VR")
'Out of Home' entertainment group, is pleased to announce it has in
recent weeks, signed contracts for a further 28 headsets, including
our first partnership with Landry's, a leading USA leisure group,
at their Downtown Aquarium site in Denver, USA.
Recent weekly trading patterns are in line with our
expectations, and at this stage, we have not seen any overall
impact which we could attribute to the Covid19 virus. The Company's
portfolio of partners is geographically well spread with partners
from Sydney to Seattle, Blackpool to Boston, and Dubai to Denver.
We do however continue to monitor each partner site and its
performance carefully.
In regards to stock and the supply of motion platforms and
headsets, we have secured sufficient VR headsets and motion
platform seats to deploy all current and forthcoming installations.
Our manufacturing plant in China is now back at work and is
currently manufacturing our next order.
Our program of installs continues as planned, with Mandalay Bay
on track and due to open at the end of this month, March 2020.
We expect the total number of installed, and operational
headsets at the end of March 2020 to be around 400, with further
installs to take place in early April, which with the additional 28
headsets, noted below, will take the total number of headsets in
operation to 465.
New Contracts:
Dezerland Park, Orlando, USA 12 Headsets (Entertainment)
Dezerland Park, Miami, USA 4 Headsets (Entertainment)
Downtown Aquarium, Denver, USA 4 Headsets (Undersea)
Denver Museum of Nature & Science, 4 Headsets (Undersea)
Denver, USA
Oklahoma Aquarium, USA 4 Headsets (Undersea)
Total 28 Headsets
The Company is very much aware of the potential threats of the
Covid19 virus and it continues to monitor all sites daily and will
respond accordingly. The Company raised additional cash through a
placing in January 2020 and has sufficient stock to fulfil all
current demands and is we believe, well placed to weather this
current storm.
Martin Higginson, Immotion Group plc CEO, said:
"These are clearly challenging times, and whilst we believe we
are well placed to deal with this crisis we are currently taking
each day at a time."
"Shark Reef Aquarium at Mandalay Bay is on track to open at the
end of this month, and we remain excited and optimistic at this,
our largest installation to date. All other installs are on track
and we expect circa 400 headsets to be installed and operational by
the end of this month, March 2020."
"With a geographically diverse portfolio we are as well
positioned as one can be in the face of the current challenges. We
continue to monitor revenue and performance daily, working closely
with our partners to reassure, educate and entertain
customers."
Enquiries:
For further information please visit www.immotion.co.uk , or
contact:
Immotion Group Martin Higginson Tel: +44 (0) 161
235 8505
WH Ireland Limited Adrian Hadden Tel + 44 (0) 207
(Nomad and Joint Darshan Patel 220 1666
Broker) Matthew Chan
Shard Capital Partners Damon Heath Tel: +44 (0) 20 7186
LLP Erik Woolgar 9900
(Joint Broker)
Alvarium Capital Alex Davies Tel: +44 (0) 207
Partners 195 1433
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END
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