TIDMIMMO
RNS Number : 9278H
Immotion Group PLC
11 April 2022
Immotion Group plc
("Immotion", the "Company" or the "Group")
New Sites, Trading Update and date of Results
Highlights
-- Four new partner locations signed (22 new seats bringing 2022 install total to date to 42).
-- Sea Life London expanded to a themed 16-seater theatre in new three-year deal.
-- Over 400 headsets now installed across 49 locations.
-- Q1 2022 unaudited revenue GBP2m - more than double Q1 2021.
-- Unaudited Location Based Entertainment ("LBE") revenue in Q1
2022 three times that of Q1 2021 - GBP1.8m compared to GBP0.6m.
-- Advanced negotiations on first major 'Gorilla Trek' installations.
New Sites
Immotion, the UK-based immersive entertainment group, is pleased
to announce the opening and signing of the following new partner
sites in its core Location Based Entertainment business, scheduled
to bring a total of 24 new seats into operation:
-- Akron Zoo, Ohio, USA - Immotion has put a 6-seat installation
into Akron Zoo. The attraction will open on 16 April 2022.
-- Seattle Aquarium, Washington, USA - Started operations in late March.
-- Sea Life Manchester - Manchester now joins the fold of
installations in Sea Life venues, with six seats in a new
three-year deal.
-- New Aquarium site USA. The Company has signed and completed
the installation this week of a new six seat mini-theatre, with
operations scheduled to begin later this month, subject to state
certification, under a three-year contract (cannot be named until
state certification is received).
-- Sea Life London - In addition to these new signings, Sea Life
London, one of our top sites, has signed a new three-year deal,
which will see the number of seats further expanded to 16 in a
themed, mini-theatre style installation. Once complete this should
take us into the peak summer period with double the capacity of
last year.
Including the increased capacity at Odysea Aquarium and Shark
Reef Aquarium, located inside Mandalay Bay Resort & Casino,
this will bring the total number of new seats installed in 2022 to
42.
Following these installations, the Company will have 402
headsets operational across 49 sites.
Following the launch of our Gorilla Trek immersive experience at
IAAPA in November last year, we are at an advanced stage of
negotiations with a number of major zoos. We look forward to
announcing some significant additional zoo signings in the coming
weeks.
Results & Trading Update
Early trading in 2022 has been pleasing with unaudited revenue
for the first quarter being more than double that of Q1 2021 at
circa GBP2.0m compared to GBP0.8m for 2021 (Location Based
Entertainment revenue was circa GBP1.8m compared to GBP0.6m in the
same period last year). March revenue of circa GBP1.0m was
bolstered by the US spring break and the increased capacity at
Mandalay Bay.
The full year results for the year ending 31 December 2021 will
be released to the market on 26 April 2022, at which stage we will
update the market further on both the Home Based Entertainment and
Uvisan operations, as well as progress in our core LBE
division.
Subject to final audit, we expect the underlying financial
results for 2021 to be EBITDA of circa GBP0.9m on total revenue of
GBP9.4m.
Martin Higginson, CEO, Immotion Group plc said:
"Delivering EBITDA of circa GBP0.9m on revenue of GBP9.4m
compared to revenue of GBP2.8m and an EBITDA loss of GBP1.7m in
2020 shows the progress the Company has made.
"Trading in the first quarter of this year, especially in our
Location Based Entertainment business, has been very encouraging.
With unaudited Group revenues for the first quarter of 2022 more
than double that of the same period last year we are poised for
further solid year on year growth. It is great to be adding a
further 24 headsets to the portfolio and to be hitting the 400
headset mark.
"The roll-out of our Gorilla Trek experience into Zoo partners
is well underway, and with several sizeable theatre style
installations in the wings we are confident the zoo market and
other prospects will help us move closer towards the 500 headset
mark.
"We look forward to updating the market on 26 April 2022 when we
present the full year audited results for 2021."
Rod Findley, Group Commercial Director said:
"With our aquarium offering we have carved ourselves a category
in which we believe we are the market leader. Our immersive films
offer our partners the ability to both educate and entertain their
customers in a new and unique way, while driving significant
additional revenue for them. We are excited to be rolling this
model out into the global zoo market."
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 Jessica Cave Tel + 44 (0) 207 220 1666
(Nomad and Joint Broker) 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)
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
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END
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April 11, 2022 02:01 ET (06:01 GMT)
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