TIDMIMMO
RNS Number : 2039C
Immotion Group PLC
21 February 2022
Immotion Group plc
("Immotion", the "Company" or the "Group")
Shark Reef Aquarium Expansion and Contract Extension, and
Trading Update
Shark Reef Aquarium Expansion and Contract Extension
Immotion, the UK-based immersive entertainment group, is pleased
to announce an expansion of capacity and a contract extension at
Shark Reef Aquarium, inside Mandalay Bay Resort & Casino, Las
Vegas, currently the Group's largest installation.
This will see the theatre capacity increase to 48 seats from its
current 36 seats, allowing greater customer throughput, especially
at peak times. The current contract, which will also include the
expanded capacity, will also be extended by a further 12 month
period through to 31 January 2024. We envisage that the expanded
theatre will be fully operational in March 2022, in time for USA
Spring Break.
Capacity Expansion at Other Partner Sites
In addition to the expansion at Shark Reef Aquarium, capacity at
another two of our strongest performing sites has been
significantly expanded. Our installation at Sea Life London has
been increased from 8 to 14 seats and we have also doubled the
capacity of our installation at Odysea Aquarium (Scottsdale,
Arizona) from 6 to 12 seats.
These expansions demonstrate the potential to make our
installations a material generator of revenue for both the Group
and its partners and to establish our installations as core
integrated attractions in partners' venues.
Trading Update
Summary
Further to the trading update on 16 December 2021, the Company
is pleased to confirm that unaudited H2 revenue was circa GBP6.6m,
a 135% increase compared to unaudited revenue of GBP2.8m in H1 (H2
2020: GBP2.0m).
H2 operating cash inflow was strong, with year-end cash on hand
of GBP1.1m, almost double the GBP0.6m at the half year.
Location Based Entertainment ("LBE")
Trading in our core LBE division in the second half of 2021 has
been very encouraging with unaudited revenue of GBP4.0m, a 74%
increase compared to GBP2.3m in H1, and a 207% increase compared to
GBP1.3m H2 2020.
We opened two new sites in H2 and now have a total of 49 sites
(373 headsets), with 57 per cent. of headsets now located in the
USA. We continue to see new interest in our 'Undersea Explorer'
theatre style offering for aquariums and are now in advanced
discussions with a number of major zoos regarding the first
installations of our new 'Gorilla Trek' VR Theatre and we expect
our first signings in the coming weeks.
Home Based Entertainment ("HBE")
We sold circa 35,000 units of our Let's Explore Oceans product
in 2021, generating unaudited revenue of GBP2.5m, a three-fold
increase compared to GBP0.7m in 2020.
Whilst the sales growth was very encouraging, with the product
selling out in the UK, both direct and via Amazon, and on Amazon in
the USA, we were hit in the final six weeks of 2021 by very
challenging logistics, which had a significant adverse impact on
landed product costs. We also suffered with some stock not reaching
its destination in time resulting in lost sales. The delayed stock,
5,000 units in total, will be sold throughout 2022.
The soft 'beta' launch of our Vodiac offering began
late-December with invitations sent to the Let's Explore Oceans
users. We have seen over 4,350 downloads of the iOS and Android
apps and over 1,250 premium VR video purchases so far. These data
points have been used to further hone the headset offering which
will go on sale this coming week. The product will be available
online via Vodiac.com and Amazon, and through a number of new
retail partners. The blend of direct to consumer, Amazon and retail
should allow us to gather sufficient data as to how to best scale
this business.
Uvisan
Uvisan's total unaudited revenue for H2 was GBP0.4m (up from
GBP0.1m in H1), demonstrating the value of our growing distributor
and reseller network. We now have 12 resellers and 3 distributors,
located in the UK, Europe and the USA. We are seeing growing demand
for our UV sanitising cabinets.
As well as demand for our UV cabinets for sanitising a wide
range of "touched" products, we see real opportunity in the
enterprise, education and training XR headset and device market
(virtual reality, augmented reality and mixed reality) which is set
for huge growth in coming years. Accordingly, we will focus on
building a network of partners with deep roots into that
sector.
Despite a number of early enquiries, we chose to delay the
launch of Cleanroom in order to refine its proprietary safety and
control features and we continue to believe that it has significant
potential in healthcare, office and other sectors, in both new
build and refurbishment projects. We are now ready to work with our
growing partner network to commercialise this product.
Uvisan now has an order book of circa GBP0.3m and we are looking
forward to a year which should see substantial growth versus
2021.
Martin Higginson, CEO, Immotion Group plc said:
"To see our core LBE business bounce back so quickly clearly
demonstrates its robustness and growth potential. We are absolutely
delighted to be expanding capacity at a number of key sites,
especially our largest installation at Shark Reef Aquarium,
Mandalay Bay Resort & Casino which will now run through to at
least January 2024.
"The launch of our new 'Gorilla Trek' VR theatre experience has
been extremely well received and we look forward to signing up our
first zoo partner in the coming weeks. This sector offers huge
global roll out potential with many USA zoos boasting footfall well
in excess of a million visitors per annum.
"Despite the logistical challenges, we sold circa 35,000 units
of our Let's Explore Oceans product, as well as gaining a new
distribution partner in Australia. Vodiac will carry forward the
key learning so far in order to provide a broader product offering
to a wider audience. We believe there is a real opportunity to
democratise the home VR video market. Our offering of a VR headset,
combined with original and curated VR content at a sub GBP30 price
tag will, we believe, allow us to build an audience of scale.
"Our Uvisan products continued to sell well, with a growing
roster of distribution partners, including in Australia and the
USA.
"Overall, we feel we have made good progress across the company
and are looking forward with renewed confidence."
Enquiries:
For further information please visit www.immotion.co.uk, or
contact:
Immotion Group plc Martin Higginson investors@immotion.co.uk
David Marks
WH Ireland Limited Adrian Hadden Tel + 44 (0) 207 220 1666
(Nomad and Joint Broker) Jessica Cave
Darshan Patel
Ben Good
Alvarium Capital Partners Alex Davies Tel: +44 (0) 207 195 1458
(Joint Broker)
Shard Capital Partners Damon Heath Tel: +44 (0) 20 7186
LLP Erik Woolgar 9900
(Co-Broker)
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the Company to constitute inside information as stipulated under
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Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the
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END
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