TIDMIMMO
RNS Number : 2504B
Immotion Group PLC
30 September 2022
a30 September 2022
Immotion Group plc
("Immotion Group", the "Company" or the "Group")
Interim Results
Immotion Group plc (AIM:IMMO), the immersive entertainment
group, is pleased to announce its unaudited interim results for the
six months to 30 June 2022 and an update on trading based on
unaudited management estimates.
Highlights
-- H1 2022 revenue from continuing operations showing a 91%
increase to GBP4.4m (H1 2021: GBP2.3m; H2 2021 GBP4.1m)
-- H1 2022 EBITDA from continuing operations rose 150% to
GBP0.5m (H1 2021: GBP0.2m, which included GBP0.3m of income from
COVID government grants)
-- Entry into zoo market with three partner site openings:
Milwaukee County Zoo and Pittsburgh Zoo (July) and Chester Zoo
(August)
-- In principle agreement reached (subject to contract) to sell
Uvisan for estimated cash consideration of GBP100k*
-- In principle agreement for GBP250k third party investment for
the Home Based Entertainment (HBE) business in exchange for 51%
ownership of this business*
*both deals are expected to complete within next few weeks.
Further detailed announcements will be made at that time.
Note: Uvisan and HBE now classed as discontinued operations and
reported as such for H1. Continuing operations consist of the
Location Based Entertainment (LBE) business along with its direct
costs and Group overheads.
Current Trading Update
We expect revenue from continuing operations in Q3 to be
approximately GBP3.4m and adjusted EBITDA of approximately GBP0.7m,
resulting in total revenue for the 9 months ended 30 September 2022
of approximately GBP7.8m and EBITDA of GBP1.2m from continuing
operations.
Our first three zoo installations featuring our new 'Gorilla
Trek' offering - Milwaukee County Zoo, Pittsburgh Zoo and Chester
Zoo - launched in July and August 2022. These have been well
received by Partners and guests alike and we have learnt a lot from
these early installations and will use the knowledge gained to
further develop and hone our offering.
The second half of 2022, as we expected, started very strongly
with excellent trading across the estate in the summer months of
July and August. We will of course see the normal seasonal
slow-down from September, as school holidays have ended in both the
USA and UK.
Agreement has been reached, subject to contract, for the
disposal of the Uvisan business for cash consideration of circa
GBP100,000, and to raise GBP250,000 in new funding for the HBE
business, in exchange for 51% ownership of this business. Full
details of the proposed transactions will be announced when the
deals complete, which we expect to be within the next few
weeks.
Chairman's Statement
With revenue of GBP4.4m for the first half of 2022, almost
double the same period last year (and exceeding that of our
seasonally stronger H2 last year) the strength of our core LBE
business is being demonstrated clearly and I am excited by its
growth prospects.
The decision to focus all our efforts on LBE is delivering
results and with the disposal of Uvisan and the spin out of HBE now
agreed in principle we can, as we move through the remainder of H2,
focus our planning and resources on accelerating growth of our core
LBE partner estate.
We believe that considerable growth opportunities lie ahead of
us in both the aquarium sector, where we are now a well-established
player, and in the zoo market where we have taken our initial steps
in what should be an even larger market.
Our first three 'Gorilla Trek' zoo installations were completed
in July and August 2022, all being 'takeovers' of buildings (or
part buildings) of differing sizes. These have been well received
by Partners and guests alike. We have learned a lot from our
initial entry into this market and we are further developing our
offering to be able to accelerate growth in this exciting market.
This is discussed in more detail in the Chief Executive's review
below.
The LBE business has enjoyed a very strong Q3 with revenue
expected to be circa GBP3.4m compared to GBP2.3m for the same
period last year, a 48% increase. We anticipate EBITDA for
continuing operations in Q3 to be circa GBP0.7m, taking the year to
date to around GBP1.2m.
With strong year to date trading, a renewed focus on our core
business and plenty of opportunity in our established and new
offerings, we look forward with confidence.
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR") as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
and is disclosed in accordance with the Company's obligations under
Article 17 of MAR.
Enquiries:
For further information please visit www.immotion.co.uk , or
contact:
Immotion Group Martin Higginson investors@immotion.co.uk
David Marks
Nicholas Wells
Camilla Hume
Cenkos Charlie Combe +44 (0) 20 7397 8900
Chief Executive's Review
We are delighted with the performance of the business in H1,
delivering GBP4.4m of revenue from continuing operations (H1 2021:
GBP2.3m). H1 2022 revenue also exceeded that of H2 2021, which is
traditionally our stronger half of the year.
Unaudited gross profit from continuing operations was GBP2.0m
(being total revenue less partner share and other direct costs of
sales, including rent and payroll for our ImmotionVR sites). This
is double the same period in 2021, with margins rising to 46% from
44% in H1 2021. EBITDA from continuing operations in the period was
GBP0.5m (H1 2021: GBP0.2m, which was inclusive of GBP0.3m of COVID
government grants).
Total administrative expenses (excluding depreciation,
amortisation, share based payments and one-off items) of continuing
operations were GBP1.6m (H1 2021: GBP1.2m). Whilst our operating
costs are not immune from inflationary pressures, and we have made
a small number of new hires as part of our growth planning, we
expect operating costs to remain fairly stable and the operational
gearing of the business to be demonstrated as revenues grow with
the expansion of our estate.
The loss before tax from continuing operations narrowed to
GBP0.3m (H1 2021: GBP1.1m loss). The H1 2022 result is net of
depreciation and amortisation of GBP0.7m (2021: GBP1.0m). The
reduction in this charge reflects the prudent approach we have
taken historically to depreciation of all plant and equipment, much
of which, whilst still in use, has already been fully
depreciated.
With the benefit of several years of operating experience now
under our belt, we are confident that the actual useful life of our
key hardware such as motion platforms is comfortably in excess of
the three years over which we have been depreciating it in full.
Whilst this cautious approach has much to commend it, we believe on
reflection that this has tended to provide an overly pessimistic
picture of our trading results at EBIT level and as such we have
changed the basis of the VR cinema pod depreciation to a seven-year
useful life.
This change is based on a combination of historical data and
hardware testing and has been applied to relevant assets on hand at
or acquired after 1 January 2022. Prior periods have not been
restated in respect of this policy change.
During H1, when it became clear that further lockdowns could be
taking place in China and that global shipping conditions, though
improving, could deteriorate again, we invested further in our
stock of motion platforms and headsets. We currently hold 136
motion platform pod seats in stock ready to be deployed.
Our estate has grown from 364 headsets (across 48 sites) at the
beginning of the year to 414 headsets (across 50 sites) as 30 June
2022. As at today's date the Group has 476 headsets (across 52
sites). This increase in seats has been driven both by an increase
in the number of seats at established sites such as Shark Reef
Aquarium at Mandalay Bay, OdySea Aquarium and SEA LIFE London (32
seats in aggregate); and new installations, predominantly the 70
headsets in aggregate installed across our first three zoo partner
sites in July and August 2022. With known install opportunities for
the remainder of the year, we remain confident of exceeding 500
installed headsets by year end.
Our portfolio as at 30 September 2022 is presented in the table
below.
Total USA UK ROW
Sites Headsets Sites Headsets Sites Headsets Sites Headsets
At 1 January
2022 48 364 26 204 13 105 9 55
Additions
at existing
sites - 32 - 18 - 14 - -
New sites
in 2022 8 98 6 86 2 12 - -
Uninstalled
in 2022 (4) (18) (2) (10) (2) (8) - -
At 30 September
2022 52 476 30 298 13 123 9 55
We have learned a lot from our initial entry into the zoo market
and it is apparent that in order to maximise the speed of roll-out
to a large number of high traffic sites (many of which have no
surplus indoor space) we need a standardised 'drop-in'
pre-fabricated solution.
This should be capable of being deployed outdoors, balancing the
need for ease of installation with capacity to serve large volumes
of customers, whilst delivering attractive returns for Immotion and
its partners.
With our new solution at an advanced stage of development we are
looking to make at least one installation of this format in this
calendar year and data from this installation will help drive our
accelerated roll-out plan for zoos in 2023 and beyond. We have in
the meantime been building interest with zoos in this product and
the response has been encouraging.
We will be exhibiting at a number of key industry events in H2
2022 to further stimulate demand in both the aquarium and zoo
markets.
Discontinued operations
Uvisan and HBE have been classed as discontinued operations for
the period and historic comparables restated on that basis. In the
period, the aggregate revenue from discontinued operations was
GBP0.4m (H1 2021: GBP0.4m) with an operating loss of GBP47k (H1
2021: GBP0.2m). Aggregate operating cash outflow was GBP0.2m (H1
2021: GBP0.4m outflow).
We took the decision to dispose of or spin out our HBE division
in the early part of 2022 in order to focus our time and resources
on our core LBE business. We still believe that the HBE business
has potential and we have had some initial success in trials with a
major shopping channel and we are seeing other B2B
opportunities.
However, we do not want to fund this business ourselves going
forward and so have agreed (subject to contract) to raise GBP250K
in exchange for a 51% equity stake in this business in order to
provide this funding. Immotion will have board representation but
day-to-day management will fall to the new partner.
The decision to retain a meaningful stake in this business
allows the Group to participate in any upside whilst removing the
cash and management requirements, allowing us to focus our efforts
on the LBE division.
Whilst Uvisan has longer-term potential to scale, it does
require ongoing investment in stock and it is still establishing
its distributor base. As we seek to focus all our resources on our
LBE business, we have agreed to sell this business, subject to
contract, for circa GBP100k in cash and will have an option to
subscribe for 15% of the equity of the business in the event of a
sale or stock market listing.
Further information will be provided upon completion of both
transactions.
Outlook
Having recorded a strong H1 and record Q3 the directors are
confident as to the outlook for the full year for the continuing
operations. Whilst we are cognisant of the wider economic picture
and are not naive enough to believe our consumers will be immune
from the cost-of-living crisis, we continue to believe that there
are substantial untapped growth opportunities in front of us in
both the aquarium and zoo sectors on a global basis.
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2022
Restated* Restated*
Notes Unaudited Unaudited Audited
6m to 30 6m to 30 12m to 31
June 22 June 21 Dec 21
Continuing operations GBP'000 GBP'000 GBP'000
Revenue 3 4,420 2,335 6,388
Cost of sales (2,398) (1,312) (3,569)
_______ _______ _______
Gross profit 2,022 1,023 2,819
Other income 5 26 333 466
Administrative expenses (2,361) (2,433) (5,056)
_______ _______ _______
Operating loss (313) (1,077) (1,771)
Memorandum:
Adjusted EBITDA 482 206 946
Amortisation (220) (266) (548)
Depreciation (498) (786) (1,468)
Share based payments (72) (291) (676)
Impairment of tangible and
intangible assets - (1) (74)
Profit on disposal of fixed
assets 8 11 18
One-off costs & income (13) 50 31
______ ______ ______
Loss from operations (313) (1,077) (1,771)
------------------------------------- ------ ---------- ---------- ----------
Finance costs (15) (26) (44)
Finance income - - 1
______ ______ ______
Loss before taxation (328) (1,103) (1,814)
Tax (charge)/credit (3) 12 38
______ ______ ______
Loss for the period from continuing
operations (331) (1,091) (1,776)
Discontinued operations
Loss after tax from discontinued
operations 4 (315) (324) (223)
________ ______ ______
Total expense for the period (646) (1,415) (1,999)
======== ======== ========
Other comprehensive income
/ (expense) for the period
Profit/(loss) on translation
of subsidiary 180 (20) 44
______ ______ ______
Total comprehensive expense
for the period (466) (1,435) (1,955)
======== ======== ========
* The results for the six months ended 30 June 2021 and the year
ended 31 December 2021 have been restated to exclude the results of
discontinued operations (refer to note 4).
Restated* Restated*
Notes Unaudited Unaudited Audited
6m to 30 6m to 30 12m to 31
June 22 June 21 Dec 21
Earnings/(loss) per share 6 GBP'000 GBP'000 GBP'000
From continuing and discontinued GBP0.01 GBP0.01 GBP0.01
operations
Basic EPS (0.16) (0.34) (0.48)
Diluted EPS (0.16) (0.34) (0.48)
From continuing operations
Basic EPS (0.08) (0.26) (0.42)
Diluted EPS (0.08) (0.26) (0.42)
* The results for the six months ended 30 June 2021 and the year
ended 31 December 2021 have been restated to exclude the results of
discontinued operations (refer to note 4).
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2022
(Unaudited)
Foreign
Share Share Retained exchange Total
capital premium earnings reserve equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 December
2020 164 20,273 (13,643) (80) 6,713
Total expense for the
period - - (1,415) - (1,415)
Currency translation of
overseas subsidiary - - - (20) (20)
Issue of new shares 2 298 - - 300
Issue costs deducted from
equity - (14) - - (14)
-
Share based payment expense - - 291 - 291
_____ _____ _____ _____ _____
Balance at 30 June 2021 166 20,556 (14,767) (100) 5,855
_____ _____ _____ _____ _____
Total expense for the
period - - (584) - (584)
Issue of new shares - - - - -
Issue costs deducted from - - - - -
equity
Share based payment expense - - 385 - 385
Currency translation of
overseas subsidiary - - - 64 64
_____ _____ _____ _____ _____
Balance at 31 Dec 2021 166 20,556 (14,966) (36) 5,720
_____ _____ _____ _____ _____
Total expense for the
period - - (646) - (646)
Currency translation of
overseas subsidiary - - - 180 180
Issue of new shares - - - - -
Issue costs deducted from - - - - -
equity
Share based payment expense - - 72 - 72
_____ _____ _____ _____ _____
Balance at 30 June 2022 166 20,556 (15,540) 144 5,326
_____ _____ _____ _____ _____
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2022
Unaudited Unaudited Audited
Notes 30 June 30 June 31 Dec
2022 2021 2021
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment 7 1,547 1,444 1,062
Right of use assets 7 48 207 126
Intangible assets 8 3,002 3,448 3,305
______ ______ ______
Total non-current assets 4,597 5,099 4,493
______ ______ ______
Current assets
Inventories - 163 103
Trade and other receivables 9 1,233 1,412 1,783
Contract assets 64 91 83
Cash and cash equivalents 395 629 1,099
______ ______ ______
Total current assets 1,692 2,295 3,068
Assets held for sale 4 619 - -
______ ______ ______
Total assets 6,908 7,394 7,561
______ ______ ______
LIABILITIES
Current liabilities
Trade and other payables 10 (1,113) (959) (1,103)
Finance leases (61) (222) (171)
Loans (98) (140) (130)
Contract liabilities (19) (7) (278)
_______ _______ _______
Total current liabilities (1,291) (1,328) (1,682)
_______ _______ _______
Total current net assets 401 967 1,386
Non-current liabilities
Loans (162) (153) (155)
Finance leases - (58) (4)
_______ _______ _______
Total non-current liabilities (162) (211) (159)
Liabilities associated with
assets held for sale 4 (129) - -
_______ _______ _______
TOTAL NET ASSETS 5,326 5,855 5,720
_______ _______ _______
CAPITAL AND RESERVES
ATTRIBUTABLE TO EQUITY HOLDERS
OF THE PARENT
Issued share capital 11 166 166 166
Share premium account 20,556 20,556 20,556
Foreign exchange reserve 144 (100) (36)
Retained earnings (15,540) (14,767) (14,966)
_______ _______ _______
TOTAL EQUITY 5,326 5,855 5,720
_______ _______ _______
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2022
Restated* Restated*
Unaudited Unaudited Audited
6m to 30 6m to 30 June 2021 12m to 31 Dec 2021
June 2022
GBP'000 GBP'000 GBP'000
OPERATING ACTIVITIES
Loss before tax from continuing
operations (328) (1,103) (1,814)
Loss before tax from discontinued
operations (315) (324) (223)
Adjustments for:
Share based payments 72 291 676
Depreciation 501 786 1,470
Profit on disposal of fixed assets (8) (11) (18)
Amortisation 304 313 641
Impairment of intangible assets - 1 82
Impairment of assets held for 181 - -
sale
Finance costs 15 26 44
Finance income - - (1)
Net foreign exchange differences 101 6 50
Foreign corporate tax payment - - (3)
Taxation (paid) / refunded (3) (3) 84
_____ ____ _ _____
Operating profit / (loss) before
changes in working capital and
provisions 520 (18) 988
(Increase) / decrease in inventories (124) (10) 49
(Increase) / decrease in receivables
and contract assets 321 (569) (989)
Increase / (decrease) in payables
and contract liabilities (120) (200) 215
_____ _____ _____
Net cash flows from / (used
in) operating activities 597 (797) 263
_____ _____ _____
INVESTING ACTIVITIES
Purchase of property, plant and
equipment (859) (217) (425)
Purchase of intangible assets (274) (138) (404)
Disposals of property, plant
and equipment 9 27 41
_____ _____ _____
Net cash flows from investing
activities (1,124) (328) (788)
FINANCING ACTIVITIES
Finance costs (15) (26) (44)
Finance income - - 1
New Loans and finance leases 101 116 119
Loan repayments (152) (154) -
Finance lease repayments (124) (124) (405)
Foreign exchange on retranslation
of financing 36 (8) 3
Issue of ordinary shares - 300 300
Costs on issue of shares - (14) (14)
_____ _____ _____
Net cash flows from financing (154) 90 (40)
activities
(681) (1,035) (565)
DECREASE IN CASH AND CASH EQUIVALENTS --------------- --------------- ---------------
Cash and cash equivalents brought
forward 1,099 1,664 1,664
_____ _____ _____
CASH AND CASH EQUIVALENTS CARRIED
FORWARD 418 629 1,099
_____ _____ _____
* The results for the six months ended 30 June 2021 and the year
ended 31 December 2021 have been restated to exclude the results of
discontinued operations (refer to note 4).
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
for the six months ended 30 June 2022
1 Corporate information
The interim consolidated financial statements of the Group for
the period ended 30 June 2022 were authorised for issue in
accordance with a resolution of the directors on 30 September 2022.
Immotion Group plc ("the Company") is a Public Limited Company
quoted on AIM, incorporated in England and Wales. The interim
consolidated financial statements do not comprise statutory
accounts within the meaning of section 434 of the Companies Act
2006.
2 Statement of accounting policies
2.1 Basis of preparation
The interim consolidated financial statements of the Group for
the six months ended 30 June 2022 have been prepared in accordance
with the UK-adopted International Accounting Standard 34 Interim
Financial Reporting.
The entities consolidated in the interim financial statements of
the Group for the six months to 30 June 2022 comprise the Company
and its subsidiaries (together referred to as "the Group").
The interim consolidated financial statements do not include all
the information and disclosures required in the annual financial
statements and should be read in conjunction with the Group's
annual audited consolidated financial statements for the year ended
31 December 2021.
The directors are satisfied that, at the time of approving the
interim consolidated financial statements, it is appropriate to
adopt a going concern basis in accordance with the recognition and
measurement criteria of International Financial Reporting Standards
("IFRS") as adopted by the European Union.
In reaching this conclusion, the directors considered the
financial position of the Group and prepared forecasts and
projections for the next 12 months, taking into account reasonably
possible changes in trading performance and capital expenditure
requirements .
The financial statements do not include any adjustments that
would result from the going concern basis of preparation being
inappropriate.
2.2 Accounting policies
The principal accounting policies adopted in the preparation of
these interim statements are consistent with those applied in the
preparation of the Group's annual consolidated financial statements
for the year ended 31 December 2021 other than:
(i) the Group has adopted amended financial standards effective
as of 1 January 2022. None of the amendments adopted on 1 January
2022 have had a material impact on the interim statements of the
Group; and
(ii) the Group has changed its depreciation policy in respect of
certain VR hardware and VR content to seven years on a
straight-line basis.
The preparation of these consolidated half year financial
statements requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates in preparing these
consolidated half year financial statements.
Discontinued operations and assets held for sale
The directors consider it probable that the sale of the Uvisan
and Home Based Entertainment (HBE) businesses and net assets will
be completed shortly. The Uvisan and HBE results have been
separated from those of continuing operations and are shown as
discontinued operations within the consolidated income statement.
Comparative periods within the consolidated income statement have
been restated accordingly. In accordance with IFRS 5, the Uvisan
and HBE assets held for sale are valued at the lower of book value
and fair value less selling costs. Further information on
discontinued operations is contained in note 4.
Impairment of intangible assets and goodwill - recoverable
amounts are based on value in use calculations using management's
best estimate of future performance. On the basis of the forecast
cash flows prepared it is concluded
that no impairment of intangible assets and goodwill is
required.
3 Segmental information
The Group's primary reporting format for segmental information
is business segments which reflect the management reporting
structure in the Group. The information for discontinued segments
is aggregated and shown as a separate segment.
6 months to 30 June 2022
Total continuing Discontinued Total
operations operations operations
6m to 30 6m to 30 6m to 30
LBE HO June June June 2022
2022 2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 4,360 60 4,420 432 4,852
Cost of sales (2,398) - (2,398) (321) (2,719)
---------------- ---------------- --------------- --------------- ---------------
Gross profit 1,962 60 2,022 111 2,133
Other income 6 20 26 - 26
Admin expenses* (953) (612) (1,566) (158) (1,724)
---------------- ---------------- --------------- --------------- ---------------
Operating profit
/ (loss) 1,015 (532) 482 (47) 435
Amortisation (180) (40) (220) (84) (304)
Depreciation (444) (54) (498) (3) (501)
Impairment of assets
held for sale - - - (181) (181)
Profit on disposal
of fixed assets 8 - 8 - 8
One-off costs &
income (7) (6) (13) - (13)
Finance costs - (15) (15) - (15)
Share based payments - (72) (72) - (72)
Taxation (3) - (3) - (3)
---------------- ---------------- ------------- ------------- ----------------
Profit / (loss)
for the period 388 (719) (331) (315) (646)
---------------- ---------------- ------------- ------------- ----------------
LBE - Location Based Entertainment
HO - Head Office
The segments discontinued in the 6 months to 30 June 2022 were
Uvisan, the sale of UV-C cleansing equipment and Home Based
Entertainment (HBE) - the sale of in-home virtual reality equipment
and experiences.
*Administrative expenses exclude depreciation, amortisation,
impairment, loss on disposal, one-off costs and share based
payments.
The segmental analysis above reflects the parameters applied by
the Board when considering the Group's monthly management
accounts.
Geographical disclosures
Continuing operations
The geographical breakdown of the Group's revenue, assets and
net tangible capital expenditure for continuing operations is as
follows. The comparative amounts for the period to 30 June 2021 and
the year to 31 December 2021 are restated.
External revenue Location of assets Net tangible capital
by location of expenditure by
customer location
of assets
30 30 Jun 31 30 Jun 30 31 30 30 31
Jun 2021 Dec 2022 Jun Dec Jun Jun Dec
2022 2021 2021 2021 2022 2021 2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
USA & Canada 3,210 1,956 4,731 2,724 1,920 1,969 792 182 340
UK 922 199 1,341 4,160 5,361 5,542 61 29 75
Australia 167 115 146 5 26 10 6 6 3
Rest of
Europe 28 2 23 15 15 10 - - 7
China 63 32 86 - 6 3 - - -
Middle
East 30 31 61 4 66 27 - - -
_____ _____ _____ _____ _____ _____ _____ _____ _____
Total 4,420 2,335 6,388 6,908 7,394 7,561 859 217 425
_____ _____ _____ _____ _____ _____ _____ _____ _____
The Group had certain customers whose revenue individually
represented 10% or more of the Group's total revenue. For the six
months ended 30 June 2022, two customers accounted for 37% and 28%
of the revenue respectively.
4 Discontinued operations and assets held for sale
The Uvisan and HBE businesses and net assets are in the process
of being sold with the sales expected to take place within the next
few weeks. They are deemed to be discontinued operations as they
represent separate major lines of business. The results for these
businesses have been excluded from the continuing results of the
Group for the period ended 30 June 2022. The results for the period
ended 30 June 2021 and the year ended 31 December 2021 have been
restated to exclude the results of these businesses from the
continuing operations of the Group in those periods.
Summary income statement
The results for Uvisan and HBE included in the income statement
as discontinued operations are as follows:
Restated Restated
Unaudited Unaudited Audited
Total Total Total
6m to 6m to 12m to
Uvisan HBE 30 June 30 June 31 Dec
2022 2021 2021
Discontinued operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 329 103 432 425 3,003
Cost of sales (152) (169) (321) (468) (2,626)
Government grants - - - 66 66
Admin expenses (108) (50) (158) (261) (481)
---------------- ---------------- --------------- --------------- ---------------
Operating profit
/ (loss) 69 (116) (47) (238) (38)
Amortisation (14) (70) (84) (47) (93)
Depreciation (2) (1) (3) (1) (2)
Impairment of assets
held for sale (26) (155) (181) - (8)
One-off costs &
income - - - (39) (82)
---------------- ---------------- ------------- ------------- ----------------
Profit / (loss)
for the period
from discontinued
operations 27 (342) (315) (324) (223)
---------------- ---------------- ------------- ------------- ----------------
Uvisan - ultra violet disinfection equipment
HBE - Home Based Entertainment
Summary cash flow statement
The results for Uvisan and HBE included in the cash flow
statement are as follows:
Restated Restated
Unaudited Unaudited Audited
Total Total Total
6m to 6m to 12m to
Uvisan HBE 30 June 30 June 31 Dec 2021
2022 2021
Discontinued operations GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Operating activities
Cash generated from
/ (used in) operating
activities 23 (176) (153) (412) (50)
---------------- ---------------- --------------- --------------- ---------------
Investing activities
Purchase of property,
plant and equipment (10) - (10) (2) (7)
Purchase of intangible
assets (10) - (10) (5) (6)
---------------- ---------------- ------------- ------------- ----------------
Cash consumed by
investing activities (20) - (20) (7) (13)
---------------- ---------------- ------------- ------------- ----------------
Net cash flows from
discontinued operations
for the period 3 (176) (173) (419) 37
---------------- ---------------- ------------- ------------- ----------------
Net assets held for sale:
The major classes of assets and liabilities classified as held
for sale are as follows:
Unaudited
Total
6m to
Uvisan HBE 30 June
2022
Discontinued operations GBP'000 GBP'000 GBP'000
Assets
Property, plant and
equipment 14 - 14
Intangible assets 38 250 288
Cash and cash equivalents - 23 23
Other assets 131 343 474
Impairment of assets
held for sale (26) (155) (181)
---------------- ---------------- ---------------
Assets held for sale 157 461 618
---------------- ---------------- ---------------
Liabilities
Liabilities directly
associated with assets
held for sale (57) (72) (129)
---------------- ---------------- -------------
Net assets held for
sale 100 389 489
---------------- ---------------- -------------
Other assets comprise inventories and receivables. Liabilities
comprise payables, accruals and deferred income.
5 Other income
Unaudited Unaudited Audited
Six months Six months 12 months
to to to
30 June 30 June 31 Dec
22 21 21
Continuing operations GBP'000 GBP'000 GBP'000
UK and USA national & local government
COVID-19 relief programmes 6 318 437
Property rentals 20 15 29
---------------- ---------------- ----------------
26 333 466
---------------- ---------------- ----------------
The Group is satisfied that it has met all the conditions
relating to grants received and that no liability for repayment of
any of the grants exists.
6 Earnings per share
The calculation of the group basic and diluted loss per ordinary
share is based on the following data:
Unaudited Unaudited Audited
Six months Six months 12 months
to to to
30 June 30 June 31 Dec
22 21 21
GBP'000 GBP'000 GBP'000
The earnings per share is based
on the following:
Continuing earnings post tax attributable
to shareholders (331) (1,091) (1,776)
Discontinued earnings post tax
attributable to shareholders (315) (324) (223)
-------------------- -------------------- --------------------
Total earnings post tax attributable
to shareholders (646) (1,415) (1,999)
-------------------- -------------------- --------------------
Basic weighted average number
of shares 415,538,083 412,738,083 414,140,823
Diluted weighted average number
of shares 475,078,483 470,478,783 472,053,826
========= ============== ==============
=====
From continuing and discontinued
operations
GBP0.01 GBP0.01 GBP0.01
Basic earnings per share (0.16) (0.34) (0.48)
Diluted earnings per share (0.16) (0.34) (0.48)
========= ========= =========
From continuing operations
Basic earnings per share (0.08) (0.26) (0.42)
Diluted earnings per share (0.08) (0.26) (0.42)
========= ========= =========
Earnings per ordinary share has been calculated using the
weighted average number of shares in issue during the period. The
weighted average number of equity shares in issue in the period to
30 June 2022 was 415,538,083.
7 Tangible assets
Fixtures,
Leasehold IFRS16 Right-of-use fittings
property assets and equipment Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January 2022 379 642 2,699 3,720
Additions 14 - 845 859
Disposals (9) - (76) (85)
Foreign exchange
adjustment - 39 208 247
Assets held for sale - - (18) (18)
_____ _____ _____ _____
At 30 June 2022 384 681 3,658 4,723
_____ _____ _____ _____
Depreciation
At 1 January 2022 315 516 1,701 2,532
Charge 39 83 379 501
Disposals (7) - (77) (84)
Foreign exchange
adjustment - 34 149 183
Assets held for sale - - (4) (4)
_____ _____ _____ _____
At 30 June 2022 347 633 2,148 3,128
_____ _____ _____ _____
Net book value
30 June 2022 37 48 1,510 1,595
_____ _____ _____ _____
31 December 2021 64 126 998 1,188
_____ _____ _____ _____
The method of depreciation for each class of depreciable asset
is:
Leasehold property - Over term of lease
IFRS 16 right of use assets - Over term of lease
Fixtures, fittings and equipment - two to seven years on a
straight-line basis
8 Intangible assets
Goodwill
Other intangible acquired Development
assets on acquisition costs Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 January 2022 568 2,438 2,467 5,473
Additions 14 - 260 274
Foreign exchange
adjustment - - 54 54
Assets held for sale (17) - (465) (482)
_____ _____ _____ _____
At 30 June 2022 565 2,438 2,316 5,319
_____ _____ _____ _____
Amortisation
At 1 January 2022 545 - 1,623 2,168
Charge 10 - 294 304
Foreign exchange
adjustment - - 39 39
Assets held for sale (5) - (189) (194)
_____ _____ _____ _____
At 30 June 2022 550 - 1,767 2,317
_____ _____ _____ _____
Net book value
30 June 2022 15 2,438 549 3,002
_____ _____ _____ _____
31 December 2021 23 2,438 844 3,305
_____ _____ _____ _____
Development costs are comprised of software and VR content.
Software is amortised on a straight-line basis over 3 years. VR
content historically has been amortised on a straight-line basis
over 3 years but the Group has changed its accounting policy for
new projects effective from 1 January 2022 to amortise VR content
over 7 years on a straight-line basis. For projects which are still
underway and are not ready to be used no amortisation has been
charged.
Other intangible assets comprise website development and
trademark costs. Website development costs are amortised over 3
years and trademark costs over 2 years.
Goodwill is not amortised.
Amortisation is charged to administrative costs in the
Consolidated Statement of Comprehensive Income.
9 Trade and other receivables
Unaudited Unaudited Audited
Six months Six months 12 months
to to to
30 June 30 June 31 Dec
22 21 21
GBP'000 GBP'000 GBP'000
Trade receivables 815 630 836
Accrued income 47 24 45
Prepayments 262 599 663
Corporation tax 23 81 22
Other receivables 86 78 217
---------------- ---------------- ----------------
1,233 1,412 1,783
---------------- ---------------- ----------------
10 Trade and other payables
Unaudited Unaudited Audited
Six months Six months 12 months
to to to
30 June 30 June 31 Dec
22 21 21
GBP'000 GBP'000 GBP'000
Trade payables 467 500 548
Accruals 310 280 352
Taxation and social security 175 50 95
Other payables 161 129 108
---------------- ---------------- ----------------
1,113 959 1,103
---------------- ---------------- ----------------
11 Share capital
Called up share capital No. Value
Allotted, issued and fully GBP'000
paid
Ordinary shares of 0.040108663
pence each 415,538,083 166
============= ==========
No shares were issued in the 6 month period to 30 June 2022.
12 Related party transactions
M J Higginson, a director of Immotion Group plc, is a director
and controlling shareholder of M Capital Investment Properties
Limited. Services to the value of GBP6k (year to 31 December 2021:
GBP64k) were invoiced in the period by M Capital Investment
Properties Limited to Immotion Group plc. At 30 June 2022, Immotion
Group plc owed GBPNil (31 December 2021: GBPNil) to M Capital
Investment Properties Limited.
R Miller, a director of Immotion Group plc, is a director of
Robin Miller Consultants Ltd. In the period, services totalling
GBP8k (year to 31 December 2021: GBP15k) were billed to Immotion
Group plc from Robin Miller Consultants Ltd. At 30 June 2022, GBP1k
(31 December 2021: GBP1k) was owing from Immotion Group Plc to
Robin Miller Consultants Ltd.
M J Higginson, a director of Immotion Group plc, is a director
and shareholder in Huddled Group Limited. Services to the value of
GBP14k (year to 31 December 2021: GBP40k) were invoiced in the
period by Huddled Group Limited to the Group. At 30 June 2022, the
Group owed GBP2k (31 December 2021: GBP8k) to Huddled Group
Limited.
D Marks, a director of Immotion Group plc, was advanced a loan
in a prior period by the subsidiary Immotion Studios Limited.
Interest is currently charged on the loan at 2% per annum. At 30
June 2022, D Marks owed GBP16k (31 December 2021: GBP16k) inclusive
of interest, to the Group.
The total amounts paid to key management personnel during the
period was GBP386k (year to 31 December 2021: GBP616k). The key
management personnel are considered to be the directors of Immotion
Group plc.
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END
IR PPUWUBUPPGRB
(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
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