TIDMIMMO

RNS Number : 6739I

Immotion Group PLC

16 August 2021

16 August 2021

Immotion Group plc

("Immotion", the "Company" or the "Group")

H1 outcome and July trading update

Immotion, the UK immersive entertainment company, is pleased to confirm that it expects its unaudited H1 results to show a near EBITDA breakeven outcome on revenue of circa GBP2.7m(*) . As previously announced, June 2021 was our best ever monthly result with unaudited Group EBITDA of GBP126k on revenue of GBP850k (an uplift on the previously estimated figures), driven largely by the strong performance of the core Location-Based Entertainment ("LBE") business.

We are further pleased to confirm that the second half of 2021 has started very strongly with July being yet another record month. Unaudited Group revenue was GBP1m, with unaudited EBITDA at circa GBP200k, a considerable increase versus June, taking the company into overall EBITDA profitability for the year to date. The growth in revenue in July (versus June) has been driven by improved trading in our LBE division, which benefitted from school holidays in both the USA and UK, driving LBE revenue to GBP922k (vs GBP732k in June).

This demonstrates the operational gearing of our business, with the increase in Group EBITDA versus June resulting in the main from the increase of GBP190k in LBE revenue. In addition, it is noteworthy that neither June nor July results benefitted from the Coronavirus Job Retention Scheme or US equivalent scheme.

Our Home-Based Entertainment ("HBE") division's main focus is on building its distribution network in order to fulfil the busy Q4 period when we expect consumer intent and marketing activity to rise sharply.

Enquiries for Uvisan disinfection cabinets continue to grow and we expect to see a significant increase in its revenue in the coming months.

Overall, we remain very optimistic about the prospects for H2, assuming no material reversal in the easing of pandemic related restrictions.

As can be seen, the impact of our growing LBE revenue has a significant impact on our income statement and we remain focused not only on maximising the performance of our current LBE portfolio but also the opportunities for growth in 2022 and beyond.

Martin Higginson, Group CEO said: " In the circumstances we are very pleased with H1's result. Hitting circa EBITDA breakeven in H1 is a major milestone, especially on Covid impacted revenues of GBP2.7m. With July revenue of GBP1m, we are now seeing clear evidence of the potential of our business."

"The second half of the year has started very strongly, and this augurs well for a strong H2. The trading environment is now unrecognisable compared to the start of the year, as clearly demonstrated by the rapid increase in revenue and EBITDA. The investment in proprietary content, along with the technology to operate larger scale VR theatres, is starting to pay dividends and we are now looking ahead and planning for accelerated growth in 2022 from the plentiful growth opportunities we believe are in front of us."

* H1 EBITDA includes the benefit of other income of GBP399k, comprised primarily of GBP117k forgiveness of the 2020 Paycheck Protection Program loan in the USA and GBP206k grants from the Coronavirus Job Retention Scheme in the UK. The revenue figure of GBP2.7m does not include these items.

Enquiries:

For further information please visit www.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) 
 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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(END) Dow Jones Newswires

August 16, 2021 02:00 ET (06:00 GMT)

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