Immotion Group PLC bullish on entertainment business but plans to spin off other divisions

Immotion Group PLC (AIM:IMMO), the UK-based immersive entertainment group, has experienced a faster-than-expected post-COVID-19 recovery and now plans to spin off the divisions it created to boost revenue during the pandemic.

The company said full-year revenue rose 230% to £9.4m and profit went from a loss of £1.7m to a profit of 0. £9 million.

Its key location-based entertainment business has benefited from the reopening of sites and the return of confidence, providing new opportunities to launch new sites in aquariums and now zoos.

The company’s first full-scale zoo installation contract for a large 24-seat theater-style facility has been agreed and is expected to be signed this week.

Another US zoo deal is in the final contract stages, and there is a strong pipeline of talks and opportunities.

Since the end of the year, first quarter revenue from the entertainment business has tripled to £1.8m, with April revenue expected to top £800,000 after a buoyant Easter holiday.

It therefore decided to focus its future investments on its core business, rather than on the Home Based Entertainment and VR division and Uvisan – specialist in UVC disinfection cabinets – which were set up to help it survive the pandemic. .

Managing Director Martin Higginson said: “While we rightly made the decision in the midst of the COVID-19 pandemic to launch two new businesses, HBE and Uvisan, to hedge our position, we have decided that it It was in the best interests of our shareholders that we allocate all of our resources to the location-based entertainment sector.We believe this will maximize returns, and so we will seek to create HBE and Uvisan, seeking outside investment for both.

Its shares are up 4.14% to 4.53p.

10:02 am: Corero comes out of red as cybersecurity explodes

Corero Network Security PLC (AIM:CNS) climbs higher after breaking out of red.

The cyber defense specialist said full-year revenue rose 24% to $20.9 million and turned a $4 million loss into a $1.4 million pre-tax profit. million bucks.

He has seen record activity thanks to growing demand for distributed denial of service solutions which he says “continues to be fueled by accelerating digitalization and the ongoing need for business continuity.”

Managing Director Lionel Chmilewsky said: “We secured 44 new customers in 2021 and, at the same time, significantly strengthened the relationship and level of activity with our strategic alliances and distribution partners…

“We exited 2021 with a strong new pipeline of international business, and we continue to invest significantly in our sales and marketing resources and capabilities to strengthen our reach and market penetration.”

9:16 am: Northcoders heads north after positive update

From the NHS to Grimsby Town football club, software training specialist Northcoders Group PLC (AIM:CODE) is seeing growing demand for its services.

The company said full-year revenue rose 124% to £3m, with gross profit rising from £0.9m to £2.2m.

It offers consumer courses designed for people looking for a career as a software developer, as well as helping corporate clients with digital services.

It has 315 Hiring Partners, and over the period it added the likes of PrettyLittleThing, Informa and Wren Kitchens.

Corporate deals signed during the year include Ove Arup and NHS Digital. He also extended a contract with the Ministry of Education in January.

It extends its training centers from Manchester to Leeds, Birmingham and Newcastle.

He has also received a request from Jason Stockwood, the chairman of Grimsby Town, to establish a facility at the club’s stadium, which is planned for the third quarter of 2022.

Managing Director Chris Hill said, “As the need for software and technology skills continues to grow and digital transformation takes priority for organizations in nearly every industry, Northcoders’ reputation as a market leader is driving demand for our training. This, coupled with our extended government contract, gives us confidence in our ability to achieve our significant growth ambitions.”

With current year trading starting well, its shares rose 7.84% to 275p, from an IPO price of 180p last July.

The top heading is also PCI-PAL PLC (AIM:PCIP).

The company, a cloud-based provider of secure payment solutions for business communications, climbed 6.57% to 73p after saying a strong performance since the half means its full-year results will likely be better than current market expectations.

A court has allocated a £1.3m budget to a patent infringement case brought by competitor Semafone, a claim PCI-PAL denies.

The company said: “This agreed budget caps the maximum amount of costs that could be awarded to the losing party, subject to the judge’s discretion, should the matter proceed to court.

“The next step is for Semafone to provide the court by the end of April 2022 with detailed information as to why they believe PCI Pal infringes their patent. PCI Pal must provide the court with detailed reasons as to why Semafone’s patent is invalid. on the same date.”