Immotion Group (IMMO ) is to install a new 16-seat theatre style installation at SEA LIFE in Florida, United States, marking the Group’s third larger theatre-style installation to date.
The Manchester-based ‘immersive entertainment firm’ said the new 16-seat theatre will be installed over the coming weeks and the contract is for an initial period of three years.
The new SEA LIFE installation at Orlando in Florida will be the Company’s third larger theatre-style installation, following the successful installations at Shark Reef Aquarium, Las Vegas, and Clearwater Marine Aquarium, Florida which are both ‘trading strongly,’ it said.
Meanwhile, following the successful launch of its 22 seater installation at Clearwater Marine Aquarium, Immotion said it has agreed to a 12 month extension to the original agreement.
Clearwater Marine Aquarium originally entered into an initial year-long contract with Immotion for a new Undersea Explorer VR Theatre in February which launched in March 2021.
Since the successful site opening at the aquarium, Immotion Group has also completed two smaller installations into Legoland Discovery Center Bay Area, located in Milpitas, California, USA (4 seats), and a summer pop-up at Lightwater Valley Theme Park in Yorkshire (6 seats).
Commercial Director, Rod Findley, said, "The overall performance of our Location-Based Entertainment business continues to be very strong, driven by our new larger style formats.
The new installation at SEA LIFE Orlando, as well as the contract extension from Clearwater Aquarium is the latest step on this new area of focus as we look to accelerate growth."
He said interest in new installations “remains strong”, and with Immotion’s new Zoo offering looking to be ready for 1Q22 installs, the group remains excited for the future of its business.
Shares in Immotion Group have increased by nearly 40% in value since the beginning of 2021. The stock was trading 0.87% higher at 5.8p following today’s announcement.
In a statement released in June 2021, Immotion announced a move into profitability after reporting a small profit in May 2021 followed by a substantial EBITDA profit in June 2021.
Immotion attributed the move to the growth in its ‘Location Based Entertainment’ sites, which combine VR and moving rides to create virtual experiences at many locations and attractions.
Total group revenue for June 2021 (including Home Based Entertainment (HBE) and Uvisan) is expected to be over £0.7m and this should result in underlying EBITDA of c.£0.1m, it said.
Addressing shareholders at the time, Immotion said, ‘With the busy summer months ahead of us, and further installs in the pipeline, we expect Q3 to be a period of very strong trading.’
"The move into profitability is a major milestone for the business and one, given the last 14 months, which we are very glad to see arrive. As we add new sites, we should begin to see a substantial impact on overall profitability,” said Martin Higginson, Immotion Group’s CEO.
“With growing revenues and a number of new installations on the horizon we are looking forward, with confidence, to what we believe will be an incredibly busy summer season."
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