Immotion Group (IMMO) , has announced a positive operation update following the financial year end, which follows a busy period with the Company announcing that the it had passed through the 430 contracted headsets milestone on the 20th Feb 2020, and completed a placing to raise £2.85m by way of an oversubscribed placing in January 2020.
More recently, the Company has signed contracts for a further 28 headsets, including its first partnership with Landry's, a leading USA leisure group, at their Downtown Aquarium site in Denver, USA.
In more general terms, weekly trading patterns have continued in line with management expectations with no immediate impact from the emerging Covid-19 virus. Whilst the Company believes it is fairly well diversified in terms of geographically, spread from Sydney to Seattle, Blackpool to Boston, and Dubai to Denver, it will obviously be monitoring each partner site’s performance closely.
Given most VR supply chains are both long and mostly originate from China, it is reassuring to note the Company has secured sufficient VR headset supply and motion platform seats to deploy all its current and forthcoming installations. In particular, the manufacturing plant in China is now back at work and is currently manufacturing the next order.
The program of installs therefore continues as planned, with Mandalay Bay on track and due to open at the end of this month, which will bring the total number of installed, and operational headsets at the end of March 2020 to around 400. Further installs planned for April will add a further 28 headsets, which should take the total number of headsets in operation to 465.
Martin Higginson, Immotion Group plc CEO, said: "These are clearly challenging times, and whilst we believe we are well placed to deal with this crisis we are currently taking each day at a time. Shark Reef Aquarium at Mandalay Bay is on track to open at the end of this month, and we remain excited and optimistic at this, our largest installation to date. All other installs are on track and we expect circa 400 headsets to be installed and operational by the end of this month, March 2020."
"With a geographically diverse portfolio we are as well positioned as one can be in the face of the current challenges. We continue to monitor revenue and performance daily, working closely with our partners to reassure, educate and entertain customers."
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