Immotion encouraged by summer trading performance

1st Sep 2020 11:47

(Sharecast News) - Virtual reality entertainment firm Immotion said on Tuesday that trading had continued to be "encouraging" across its sites that operated during summer.

Immotion said its ImmotionVR sites all traded strongly, generating a profitable contribution after all local costs, but noted that visitor numbers were generally down at its partner sites - principally due to Covid-19 related restrictions on attendance levels.

However, the AIM-listed group highlighted that although a number of attractions in key Partner sites did remain closed as a result of restrictions, average revenue per headset had been "encouraging" despite the reduced visitor numbers.

Immotion said: "Whilst much uncertainty and disruption remains and numerous sites remain closed, we are encouraged by revenues for August from both our operational partner estate and ImmotionVR sites.

"The re-opening of these sites, along with the opening of Mandalay Bay, should result in a significantly reduced loss in August and is a major step forward in achieving the short term objectives of monthly EBITDA breakeven and operating cashflow neutrality."

As of 1145 BST, Immotion shares were down 1.27% at 4.64p.