Immotion Group PLC - Immotion Trading Update
Immotion Trading Update
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
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.
"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
For further information please visit www.immotion.co.uk, or contact:
| || |
Tel: +44 (0) 161 235 8505
(Nomad and Joint Broker)
| || |
Tel + 44 (0) 207 220 1666
| || |
Tel: +44 (0) 20 7186 9900
| || || |
Tel: +44 (0) 207 195 1433
This information is provided by RNS, the news service of the
Quick facts: Immotion Group
Market Cap: £10.61 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE