Join our daily newsletter At The Bell to receive exclusive market insights
- Indoor Skydive Australia Group (IDV) is set to resume its operations after they were temporarily shut down by the global COVID-19 pandemic
- The company announced on March 23, 2020, that its Indoor Skydiving and Virtual Reality businesses would be put on hold in line with government-mandated restrictions
- iFLY Gold Coast re-opened its doors on June 6, while iFLY Downunder in Sydney will follow suit on June 13
- The company’s Freak Entertainment business will continue as a click-and-collect service, which proved to be popular during the period of venue closures
- Despite the reopening, Indoor Skydive Australia is currently trading flat, with shares last selling for 0.5 cents per share
Indoor Skydive Australia Group (IDV) is set to resume its operations after they were temporarily shut down by the global COVID-19 pandemic.
The company announced the temporary shutdown of its Indoor Skydiving and Virtual Reality businesses on March 23 this year, in line with the Federal Government’s stage one restrictions on social gatherings.
At the same time, the ISA Group implemented a contingency plan, which involved the standing down of most staff, with exceptions made for small support and management teams.
Now that restrictions are beginning to relax, the company has announced a gradual resumption of activities, albeit under strict new policies. ISA Group’s iFLY Gold Coast facility re-opened its doors on June 6, with its iFLY Downunder venue on Sydney to follow suit on June 13.
Despite the closures, the company’s Freak Entertainment segment has been continuing as a click-and-collect service, which proved to be popular during the period of down-time. Freak offers a free-roam, multiplayer virtual reality experience, providing what is considered to be the most cutting-edge, real-life encounter in Australia.
Wayne Jones, CEO of Indoor Skydive Australia Group, noted that, throughout the closures, the company’s management team has been working to ensure that ISA Group is in the strongest possible position to weather what remains of the COVID-19 pandemic.
“The company has taken the opportunity to conduct unscheduled maintenance and improvements of its assets as well as conducting instructor training and upskilling of all operational staff,” Wayne commented.
“We are excited to be reopening prior to the school holidays but remain cautious and continue to comply with emerging government and regulatory guidelines,” he added.
Despite the reopening, Indoor Skydive Australia is currently trading flat, with shares last selling for 0.5 cents per share.
