Business
Interim Results for the six months to 30 June 2020
Interim Results for the six months to 30 June 2020.
About this update from Huddled Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5081A\n Immotion Group PLC\n 30 September 2020\n \n \n \n 30 September 2020\n \n Immotion Group plc\n \n (\"Immotion Group\", the \"Company\" or the \"Group\")\n \n Interim Results\n \n 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 2020.\n \n Highlights\n \n \n · Revenue for the six months to 30 June 2020: £0.8m (2019: £1.3m)\n \n · Almost four months of period effectively lost to COVID-19 lockdown\n \n · Sites began to re-open in July, and August 2020\n \n · 23 Partner sites and 5 IVR sites now open and trading\n \n · Three new sites have opened since lockdown, including Mandalay Bay\n \n · Encouraging overall levels of trading at re-opened sites\n \n · Operating costs reviewed and reduced\n \n · Un-audited August revenue of £311k\n \n · Un-audited August EBITDA loss narrowed to circa £30k\n \n · Initial sales of UVISAN ultra-violet sanitisation cabinets\n \n · Let's Explore Oceans 'in home' product ready for launch\n \n · Cash on hand at 25 September 2020 of £1.2m\n \n \n Robin Miller, Chairman of Immotion Group said:\n \"\n Prior to lockdown, the Company was extremely well positioned to capitalise on its investments. The opening of our largest installation to date, 'Undersea Explorer' at Shark Reef, Mandalay Bay, Las Vegas, was planned for early April 2020. This along with numerous other planned Partner installs in the pipeline would have taken us past EBITDA breakeven.\"\n \n \n \"Like many leisure orientated businesses, the pandemic has had a very significant impact on trading. I am, however, pleased to report that we have started to see some of our existing sites re-open, along with a number of new sites, including Mandalay Bay, which opened, albeit with a reduced capacity, on 1 August 2020. These openings have enabled our revenues to grow from almost nothing as a direct result of the lockdown, to over £300,000 in the month of August. Overall, where we are allowed to open, the uptake of our offering, even with reduced footfall, is very encouraging. Whilst many sites remain un-opened, we are encouraged by the level of uptake, and the willingness of consumers to engage with our experiences.\n \n Our team has been ve...