682: John Cummins, Equity Analyst at WH Ireland reintroduces estimates due to Immotion’s significant growth potential

The Vox Markets Podcast

John Cummins, Equity Analyst at WH Ireland reintroduces estimates for Immotion #IMMO who released their finals results for 12 months to 31st December 2021 today, which showed revenue increased 230% to £9.4m.

Highlights

· Group revenue increased 230% to £9.4m (2020: £2.8m)

· Group positive adjusted EBITDA of £0.9m (2020: £1.7m negative)

· Strong recovery from the Location Based Entertainment ("LBE") business

· LBE revenue increased by 204% to £6.3m (2020: £2.1m) with H2 revenue of £4.0m (2020: £1.3m)

· Unaudited Q1 2022 LBE revenue increased threefold versus Q1 2021 (£1.8m v £0.6m) with April revenue expected to exceed £800k following buoyant Easter

· First large-scale zoo installation contract for a large 24 seat theatre style installation agreed and contract expected to be signed this week; plus one further USA zoo agreement for large installation at final contract stage and signature expected to follow shortly thereafter; strong pipeline of discussions and opportunities

· Strategic decision to focus on LBE and spin out both the Home Based Entertainment ("HBE") and Uvisan divisions