Disposal of Japanese Branch

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 £34k (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 £300k per annum in overheads.

Enquiries:

Immotion Group	Martin Higginson	Tel: [phone]
WH Ireland Limited (Nomad and Joint Broker)	Adrian Hadden Jessica Cave	Tel: [phone]
Shard Capital Partners LLP (Joint Broker)	Damon Heath Erik Woolgar	Tel: [phone]
Redleaf Communications (Financial PR)	Elisabeth Cowell Robin Tozer	Tel: [phone] [e-mail]

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® 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

 

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