Immotion update doesn’t reassure markets

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Immotion update doesn’t reassure markets
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The share price of AIM-listed VR experience specialist Immotion (LON:IMMO) fell by 4.55% to 6.35p (as of 13:30 GMT) as it said the underlying EBITDA loss for the 2019 full year would be towards the lower end of expectations. Management said that they were continuing to expand their install base and were starting to see increased interest from higher margin venues.

CEO Martin Higginson commented: “We are pleased with the increasing momentum of interest in and uptake of our Partner offerings. We remain of the view that this is the right path in order to scale our business rapidly and to build a market leading position in the ‘out of home’ VR market.

“We have seen really strong traction in the Aquarium sector and it is clear we have a compelling offer that is delivering strong results for ourselves and our partners. Take-up in this sector continues to be growing and we are also beginning to see interest in larger more ‘integrated’ installations.

“Our Tower Coaster experience is proving extremely popular and we now have this operating in three UK cities with more enquiries coming through. The ability to be able to offer a tailored roller coaster experience 400 feet above a particular cityscape is a unique offering with global potential.

“We also have some really exciting new experiences in development, which will allow us to open up other large global markets, such as zoos, science centres and museums.

“Q1 2020 should be extremely busy and exciting for the Group. We move towards 2020 with growing confidence in our strategy, which is designed to allow us to scale rapidly. We look forward to updating the market further“.

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