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Immotion surges as it highlights "encouraging levels of revenue" at recently reopened sites

The out-of-home VR entertainment specialist said a number of its sites were showing “very high levels of utilisation” following their reopening

Immotion Group - Immotion encouraged by trading of recently reopened sites

Immotion Group PLC (LON:IMMO) has said it is seeing “encouraging levels of revenue being generated” from a number of its recently reopened partner sites.

The out-of-home virtual reality (VR) entertainment specialist said a number of its sites were showing “very high levels of utilisation” following their reopening, with two new installations completed post lockdown, at the Oklahoma Aquarium and Mystic Aquarium, operating at almost full capacity.

READ: Immotion was gaining "significant traction" before the coronavirus outbreak

Immotion also said it has seen “brisk trade” at its own ImmotionVR centres in the UK, with booking and revenues “very encouraging”. It added that its largest installation to date, the Ocean Explorer Immersive Theatre at Shark Reef Aquarium, Mandalay Bay Resort & Casino in Las Vegas, is expected to open within the next seven days.

Looking ahead, the company said its immediate priority is to drive the business back towards monthly breakeven, although this is likely to be based in the short term on a smaller installed base and reduced operational costs. The firm also said they expected that “significant disruption” is likely to continue in its markets for some times.

However, Immotion said it has designed and sourced its own headset UV disinfection unit, called Uvisan, in order to help its partners get back to operational normality and will be rolling the devices out to its larger partner sites as they reopen. It is also seeing early signs of success in selling Uvisan to third parties.

The firm added that it is also developing a retail ‘at home’ product to leverage its content generation skills and resources and expected to update the market in the next few weeks.

"We are thrilled to see sites re-opening and to see our booking system spring back to life. We are delighted that consumers appear to have appetite for our experiences with a number of sites showing very high levels of utilisation. The imminent opening of our flagship installation at Mandalay Bay along with numerous other sites gives us a great deal of confidence. We continue to tread with caution, but we are quietly pleased by the uptake”, Immotion chief executive Martin Higginson said in a statement.

"The development of our Uvisan UV cleansing product puts us on the front foot in terms of reassuring both partners and customers that our offering is safe. It has also given our sales team another revenue-generating product from which we are seeing encouraging early sales. The development of the retail 'at home' product is making great progress; the beta product is very exciting, and I believe when launched it will have a major impact", he added.

The shares surged 41.6% to 2.7p in mid-morning trading on Wednesday.

--Adds share price--

Quick facts: Immotion Group

Price: 3.475 GBX

AIM:IMMO
Market: AIM
Market Cap: £13.19 m
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Immotion CEO says opening of flagship 'Ocean Explorer' at Mandalay Bay is...

Immotion Group PLC's (LON:IMMO) Martin Higginson speaks to Proactive London following the announcement its largest installation to date has opened for business in Las Vegas. The 'Ocean Explorer Virtual Reality Theater' in the Shark Reef Aquarium at Mandalay Bay Resort and Casino, is a 36-seat...

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