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IMMO Immotion Group Plc

3.475
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Immotion Group Plc LSE:IMMO London Ordinary Share GB00BD5JRP64 ORD GBP0.00040108663
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3.475 3.40 3.55 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Immotion Group PLC Disposal of Japanese Branch (1803D)

08/10/2018 7:00am

UK Regulatory


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TIDMIMMO

RNS Number : 1803D

Immotion Group PLC

08 October 2018

8 October 2018

Immotion Group PLC

("Immotion Group" or the "Group")

Disposal of Japanese Branch

Immotion Group, the UK-based immersive virtual reality ("VR") 'Out of Home' entertainment business, announces that the Company has completed the transfer of its Japanese division which has focused solely on providing non-VR content for third parties.

As disclosed in the Group's admission document, historically, the Group's focus has been on the creation of high quality CGI and live action content for third parties. The Group took the decision to focus its efforts pre-dominantly on the creation of experiential content for VR motion platforms and therefore, as part of this decision the Group stated in its admission document and highlighted in the interim results released on 26 September 2018 its intention to exit its non-core client services business in Japan and is pleased to announce today its discontinuation of operations in the region is complete.

The remaining ongoing projects will be taken over and completed by Immotion Group's former Managing Director of the Japanese division in exchange for no consideration. Several items of office and computer equipment with no carrying value will also be transferred under the arrangement.

In the six months to 30 June 2018, Immotion Group's Japanese branch made a loss before tax of approximately GBP34k (included within discontinued operations).

The Directors believe the discontinuation of operations in Japan will allow the Group to concentrate on its core activities and whilst it is not expected to have a significant impact on the Group going forwards, the discontinuation of operations in Japan is expected to save the Group over GBP300k per annum in overheads.

Enquiries:

 
 Immotion Group              Martin Higginson   Tel: +44 (0) 161 235 8505 
 WH Ireland Limited          Adrian Hadden      Tel: +44 (0) 207 220 1666 
  (Nomad and Joint Broker)    Jessica Cave 
 Shard Capital Partners      Damon Heath        Tel: +44 (0) 20 7186 9900 
  LLP                         Erik Woolgar 
  (Joint Broker) 
 
 Redleaf Communications      Elisabeth Cowell   Tel: +44 (0) 20 3757 6880 
  (Financial PR)              Robin Tozer        Immotion@redleafpr.com 
 

About Immotion Group

Immotion Group, co-founded by Martin Higginson and David Marks in 2017, generates revenues through the delivery of high quality "state of the art" VR experiences, combined with cutting edge motion platforms to consumers at an affordable price point through a range of routes:

-- Sales - sale of VR Motion Platforms to Leisure and Entertainment operators provide the opportunity for the operator to drive substantial ancillary revenues

-- Concession partners - currently installed at a range of outlets including Merlin Entertainments' LEGOLAND(R) Discovery Centres in Boston, USA and in Manchester, UK and Genting Resorts World in Birmingham - this channel provides an opportunity for its partners to earn ancillary revenues, as well as providing an exciting additional attraction to their facilities

-- Owned and franchised outlets, trading as ImmotionVR, located in high footfall shopping centres

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

October 08, 2018 02:00 ET (06:00 GMT)

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