24 Mar 2021 07:00
24 March 2021
Immotion Group plc
("Immotion", the "Company" or the "Group")
Site opening and update
Immotion Group, the UK-based immersive entertainment group, is pleased to announce that its 22-seat 'Undersea Explorer' theatre opened last weekend, 21 March, at Clearwater Marine Aquarium in Florida. Footfall at the aquarium was strong and the early uptake of our installation was very encouraging.
In the USA, the majority of the Company's Location-Based Entertainment ("LBE") partner sites are now open and trading as Covid related restrictions are beginning to ease. We are seeing an improving picture in the USA as we enter spring break and expect to see this continue into the Easter period.
In addition, we are very pleased to confirm that from 15 March 2021, capacity restrictions in Nevada, where our largest installation at Shark Reef Aquarium, Las Vegas, is based have now been relaxed. Permitted capacity is now back at 50%, the level which applied when we opened the site in August 2020. We are hopeful that this will improve further towards the summer months if restrictions are lifted further.
Our "Tower Coaster" installation opened at Sydney Tower Eye on 5 March 2021, giving us three sites in Australia, all of which are fully open.
We expect to have the large majority of our LBE sites in USA and UK trading in the summer (with UK sites expected to re-open on 17 May 2021). We also expect a small number of new sites to open ahead of the UK/USA summer.
Our Home-Based Entertainment product, 'Let's Explore Oceans', was soft launched into the USA during the first week of March 2021, with initial orders being fulfilled from the UK. We are pleased to report that early sales have been encouraging. We will be increasing our USA-focused marketing activity and will, from early April 2021, be fulfilling USA demand from our fulfilment partner in Wisconsin, USA.
Uvisan continues to make steady progress with the new 'Cleanroom by Uvisan' product currently undergoing third-party lab certification.
A detailed update on current trading and prospects, which will cover the US spring break and Easter periods, along with our full year results for 2020, will be issued on 29 April 2021.
Martin Higginson, Immotion Group CEO said: "With new sites opening to encouraging footfall, the USA and UK on a pathway back to normality, and Australia fully open we are beginning to see the green shoots of recovery."
"Early sales of the 'Let's Explore Oceans' product in the USA have got off to a good start, and we now have the stock and logistics in place to accelerate the growth potential in this key market."
"The combination of a recovered Location Based Entertainment business with solid summer-time revenues, along with the Home Based offering, which we believe will see peak sales in Q4, has the makings of a well-balanced business."
"We look forward to updating the market further on our plans, along with a detailed trading update on 29th April 2021."
For further information please visit www.immotion.co.uk, or contact:
Immotion Group
| Martin Higginson David Marks
| Tel + 44 (0) 207 220 1666 |
WH Ireland Limited (Nomad and Joint Broker)
| Adrian Hadden Darshan Patel Matthew Chan | Tel + 44 (0) 207 220 1666 |
Alvarium Capital Partners (Joint Broker) | Alex Davies | Tel: +44 (0) 207 195 1458 |
Shard Capital Partners LLP (Co-Broker) | Damon Heath Erik Woolgar
| Tel: +44 (0) 20 7186 9900 |