Immotion Group PLC (AIM: IMMO.L), the provider of ‘Out of Home’ virtual reality (“VR”) experiences, is pleased to announce its Interim Results for the six months to 30 June 2019.
• Revenue for 6 months to 30 June 2019: £1.3m
• Strong summer trading – July/August aggregate revenue of £0.9m (VR £0.8m)
• 256 installed headsets; 33 further contracted installs expected in next 3 weeks
• Overall average revenue per headset: £320 (8 months to 31 August 2019)
• Partner average revenue per headset very encouraging: £381 per headset for 8 months to 31 August 2019
• Monthly underlying EBITDA breakeven expected in Q1 2020
• Partner model gaining considerable traction – high-quality signings
• Most recent partners signed: Dubai Aquarium; San Antonio Aquarium and Austin’s Aquarium (Texas)
• Aquarium sector outperforming – strong pipeline of interest
• Placing completed July 2019 raising £2.4m gross
• Cash on hand £2.3m
Robin Miller, Chairman of Immotion Group said: “We are now beyond the halfway stage of what looks like a very promising year. We have, through a journey of discovery, honed our business model and are now focused on growing this model rapidly.
Our partnerships with entertainment giants are not only minimising risk but providing huge opportunity on a global basis. We are therefore confident in our target of not only reaching monthly breakeven in Q1 2020, but in delivering 1000 installed headsets by the end of 2020.”
We are particularly encouraged by our early success in the USA, with our aquarium offering. Our wide range of experiences are proving popular both in the ‘edutainment’ and ‘entertainment’ sectors. Our partnership model is a winning formula and whilst there is much to be done, we look forward with considerable confidence.”
To read the entire interim results statement, visit https://polaris.brighterir.com/public/immotion/news/rns/story/xpqem9r