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Immotion 'well placed' to deal with coronavirus outbreak
11th Mar 2020 08:04
(Sharecast News) - Virtual reality entertainment group Immotion said on Wednesday that it was "well placed" to deal with the coronavirus outbreak.
Immotion also said recent weekly trading patterns were in line with expectations and that it had not seen any overall impact from the virus outbreak.
The company said its portfolio of partners was "geographically well spread" but that it would continue to monitor each partner site and its performance carefully.
"The company is very much aware of the potential threats of the COVID-19 virus and it continues to monitor all sites daily and will respond accordingly. The company raised additional cash through a placing in January 2020 and has sufficient stock to fulfil all current demands and is we believe, well placed to weather this current storm," it said.
In regards to stock and the supply of motion platforms and headsets, the AIM-listed group said it had secured "sufficient" VR headsets and motion platform seats to deploy all current and forthcoming installations.
Immotion, which recently signed contracts for a further 28 headsets, added that its manufacturing plant in China was now back at work and currently manufacturing the group's next order.
Chief executive Martin Higginson said: "These are clearly challenging times, and whilst we believe we are well placed to deal with this crisis we are currently taking each day at a time."
As of 1100 GMT, Immotion shares were up 3.84% at 4.26p.
Immotion also said recent weekly trading patterns were in line with expectations and that it had not seen any overall impact from the virus outbreak.
The company said its portfolio of partners was "geographically well spread" but that it would continue to monitor each partner site and its performance carefully.
"The company is very much aware of the potential threats of the COVID-19 virus and it continues to monitor all sites daily and will respond accordingly. The company raised additional cash through a placing in January 2020 and has sufficient stock to fulfil all current demands and is we believe, well placed to weather this current storm," it said.
In regards to stock and the supply of motion platforms and headsets, the AIM-listed group said it had secured "sufficient" VR headsets and motion platform seats to deploy all current and forthcoming installations.
Immotion, which recently signed contracts for a further 28 headsets, added that its manufacturing plant in China was now back at work and currently manufacturing the group's next order.
Chief executive Martin Higginson said: "These are clearly challenging times, and whilst we believe we are well placed to deal with this crisis we are currently taking each day at a time."
As of 1100 GMT, Immotion shares were up 3.84% at 4.26p.