Business
Business Update
Business Update.
About this update from Huddled Group Plc
[{"type":"text","content":"\n \nRNS Number : 7015G Immotion Group PLC 08 November 2018 \n\n8 November 2018\nImmotion Group plc\n(\"Immotion Group\", the \"Company\" or \"the Group\")\nBusiness Update\n \nImmotion Group plc, the UK-based immersive virtual reality (\"VR\") 'Out of Home' entertainment business, is pleased to announce that it has secured a range of ImmotionVR Experience Centre sites and entered into new revenue share partnerships (\"Concession Partnerships\"). This is expected to increase the number of installed VR headsets, (\"seats\") from 105 today to 191, an increase of 82%. \n \nHighlights:\n· Two new major Concession Partnerships secured with The Rank Group plc in the UK and Al Hokair Group. The latter is the Group's first major Concession relationship in the Middle East \n· Five additional ImmotionVR Experience Centres to be opened across the UK, which will bring the total number of Experience Centres to 12\n· US roll out initiated with first ImmotionVR Experience Centre test site opened in LA\n· Strong trading reported in all UK ImmotionVR Experience Centres, including its operational entertainment concessions, particularly given the recent half-term school holidays\no The 'Edutainment' Concession in W5 Belfast saw particularly strong performance\n· Further proprietary VR content released, anticipated to maintain the strong footfall experienced across current operations \no 50% of revenue at the ImmotionVR Experience Centre in Bristol is from pre-booked customers, many of whom are returning customers\n· Further significant partnership and other opportunities are at advanced stages of negotiation \n \nMartin Higginson, CEO of Immotion Group said: \n \n\"Our VR revenues have grown rapidly since listing following the consistent roll out of our owned and operated ImmotionVR Experience Centres and our entry into numerous Concession Partnerships. We are very pleased with the reception our experiences are receiving from consumers and while VR still has a long way to go, it is clearly here to stay given the five-star Trip Advisor ratings across the majority of our sites, alongside increasing numbers of returning customers. We have a first mover advantage and each week we learn, helping us refine our ...