TIDMIMMO
RNS Number : 8197V
Immotion Group PLC
16 December 2021
16 December 2021
Immotion Group plc
("Immotion", the "Company" or the "Group")
Trading Update
Strong Second Half Performance
Immotion, the international immersive entertainment company, is
pleased to update the market on current trading.
The Group duly reports that it expects its unaudited H2 2021
revenue to be very significantly ahead of that reported in H1 2021.
The Company expects revenue of circa GBP6.5m for the second half of
2021, compared to unaudited revenue of GBP2.8m in H1.
Furthermore, on the back of a profitable Q4 to date, the Company
expects adjusted EBITDA* for the full year 2021 to be significantly
ahead of the GBP0.6m (reported on 28 September 2021) for the first
nine months of trading.
As anticipated, operating cashflow generation has been strong.
The Group's current cash balance is in excess of GBP1.2m compared
to the GBP0.9m as at the last update on 28 September 2021.
* Adjusted EBITDA is stated before restructuring costs and share
based payments.
Location Based Entertainment (LBE)
The LBE business saw revenues surge in excess of 70% compared
with H1 as almost all locations were reopened following the
enforced closures earlier in the year as a result of the pandemic
and, in particular, were able to benefit from the key summer
trading period in USA and UK. Q4 2021 is expected to deliver a very
satisfactory contribution despite it being the quieter seasonal
period with strong trade during the Thanksgiving Holiday period in
USA and the October half term holidays in the UK. Current trading
is in line with our expectations and to date we have not seen any
material impact as a result of further UK Covid-19 restrictions. It
should also be noted the vast majority of our revenue in our LBE
business is generated in the USA (two-thirds of total LBE revenue
in H2 was generated in the USA).
Following the launch of the new zoo-targeted VR experience,
'Gorilla Trek' at the IAAPA trade show, in Florida, USA, in
November 2021, the Company has seen considerable interest in this
exciting new offering and is already in discussions with a number
of blue-chip USA zoos for installations in H1 2022. Overall levels
of enquiries and discussions for both the aquaria and zoo offerings
are very encouraging for 2022.
Home Based Entertainment (HBE)
We expect the HBE division to generate revenue in excess of
GBP2m for the H2 period, almost four times the revenue achieved in
2020. Revenue in Q4 2021 is expected to be in excess of GBP1.5m
versus GBP0.7m in the same period in 2020, generating a good profit
contribution despite the tough logistical challenges.
The growth in Amazon sales, both in the UK and USA has been
considerable, with this channel now making up a significant and
growing percentage of sales.
We sold in excess of 25,000 Let's Explore Oceans Mega Packs
between July and November 2021 (and in excess 28,000 in aggregate
for the full year to-date). Given unprecedented challenges in
global shipping and logistics, sales and margin have been
considerably impacted by additional costs, including the massive
challenge of getting stock in the right place at the right time.
Logistic problems aside, we feel the demand for 'in-home' VR
entertainment is very encouraging and gives us confidence to
further develop the product range.
To this end, the Company's new 'in-home' offering, 'Vodiac', a
product specifically designed and priced to appeal to a mass market
audience, with less seasonal demand, will be 'soft' launched in the
coming weeks to its database of circa 40,000 'Let's Explore Oceans'
customers who will be able to access it using their existing Let's
Explore headset. The Vodiac product will include a
smartphone-compatible VR headset, seven free VR videos, 20 premium
VR videos, and the ability to purchase further premium content from
an extensive catalogue of VR videos across seven VR channels.
Vodiac will be available to purchase via selected retailers, Amazon
and direct from the Company in early February 2022.
Uvisan
We expect Uvisan, the Company's UV-C disinfection business, to
generate revenue of circa GBP400k for H2, an increase in excess of
400% versus H1. This includes a second container load of cabinets
expected to be on route to our Australian distributor before
year-end.
We also report that our order book for Q1 2022 has started
strongly, with visibility on orders of circa $350k, including our
largest single order ever from a new USA distributor.
Conclusion
With Group revenues expected to exceed GBP9m, compared to
GBP2.8m for 2020, a three-fold increase, and a strongly profitable
H2 we firmly believe that this has been a year of significant
progress for the Company and we look forward with confidence.
Martin Higginson, Group CEO, said: "With full year revenues
expected to exceed GBP9m we are pleased to be ending the year with
a profitable business and cash in the bank. The surge in H2
revenues, expected to exceed GBP6.5m, a circa 230% increase on H1,
is testament to the team, their drive and enthusiasm for our
offerings."
"This strong trading, combined with a successful IAAPA trade
show for the LBE division, gives us renewed confidence for the year
ahead."
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Enquiries:
For further information please visit https://immotion.co.uk/ , or contact:
Immotion Group Martin Higginson Tel + 44 (0) 207
David Marks 220 1666
WH Ireland Limited Adrian Hadden Tel + 44 (0) 207
(Nomad and Joint Darshan Patel 220 1666
Broker) Ben Good
Alvarium Capital Alex Davies Tel: +44 (0) 207
Partners 195 1458
(Joint Broker)
Shard Capital Partners Damon Heath Tel: +44 (0) 20 7186
LLP Erik Woolgar 9900
(Co-Broker)
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END
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December 16, 2021 02:00 ET (07:00 GMT)
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