15th Jan 2020 11:21
(Alliance News) - Immotion Group PLC on Wednesday said it has signed contracts to install virtual reality headsets with the London Eye, Attica Park Zoo in Athens, and four additional aquariums.
The aquariums are Sea Life London, Sea Life Blackpool and Bristol Aquarium in the UK, plus Mystic Aquarium in Connecticut, US.
Immotion said it also has agreed terms, subject to contract, with a further nine aquariums and five entertainment sites to install virtual reality immersive experiences.
The company said the installations under contract - which will be completed in the first quarter of 2020 - will include a six-seater mini-theatre solution at the London Eye observation wheel. This will feature a VR roller coaster giving customers the experience of seeing London from 400 feet above the Thames.
These developments come as part of the company's strategy to install its products in "high footfall leisure destinations" therefore helping it build a "recurring revenue stream".
Immotion says it currently has 136 paid-for VR headsets in stock, of which 93 will be used to fulfil the new contracts.
It says the average weekly revenue per headset in the aquarium sector through 2019 was GBP476 and during the busy Christmas holiday period GBP794.
The company expects it will reach monthly earnings before interest, tax, depreciation and amortization breakeven by the end of the first quarter of 2020.
"The interest from aquarium partners is a strong endorsement of our focused model. We are very pleased with both the performance and audience reaction. With 19 new partners agreeing to a further 93 headsets, this bodes well as we drive towards monthly profitability. We are in advanced talks with a number of larger locations and look forward to updating the market on these new additions in due course," said Immotion's Commercial Director Rod Findley.
Immotion shares were trading 2.2% higher at 7.00 pence each on Wednesday morning in London.
By Ife Taiwo; [email protected]
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