Immotion Group PLC Immotion Trading Update (5092G)
March 17 2020 - 12:16PM
UK Regulatory
TIDMIMMO
RNS Number : 5092G
Immotion Group PLC
17 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 would like to update the market
in response to the current Covid-19 situation.
Trading in a number of our sites has, in the last few days, been
significantly impacted as attendances fell and a number of Partners
are reducing opening hours, and in some cases closure. As a
consequence, the Company will see a substantial reduction in
revenue and contribution from these sites, which will, in the short
term, affect our ability to reach our targeted monthly breakeven
and, if the situation prevails or worsens, is likely to impact
significantly on the full year numbers.
New installations are continuing where possible, and whilst
Shark Reef Aquarium at Mandalay Bay, Las Vegas is currently closed,
the installation of the 36-seat VR theatre currently remains
underway.
Demand for our offering from potential Partners remains high,
including the new Dinosaur experience, with a number of new Zoo
partners wanting installation for the summer.
A significant element of the Company's revenue is made during
the Summer school holidays, therefore on the proviso normal service
is resumed by July we would expect to see a quick recovery in
trading.
In this challenging period we have started to reduce operating
costs, we currently have a healthy cash balance, and we will
continue to closely manage cash in anticipation of a return to
normality.
Clearly this is a highly dynamic and changing landscape we will
keep the market informed as the situation unfolds.
Martin Higginson, Immotion Group plc CEO, said: "We are
confident in our business model and demand remains strong but we
are, unfortunately to a large extent at the mercy of events."
"Many of our partners are looking to install in early June for
the Summer period. As with many leisure businesses, a significant
proportion of our revenues are generated during holiday periods; as
such we hope the current situation will, as it is in China, be
under greater control by then and some normality will have
returned."
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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