Virtual reality firm establishing itself as a major player in market

A firm which specialises in virtual reality experiences had revenues of £2.9m in the last year.

Immotion, which is based in Salford Quays, has published its final results.

The company had revenues of £1.9m from continuing operations but its underlying losses before tax were £2.9m.

The firm joined AIM last July and raised £4.8m in a share placing. A further placing raised £3.1m last month.

It successfully opened ten ImmotionVR centres and secured deals with major partners such as Merlin Entertainments.

Sir Robin Miller, chairman of the firm, said: “Immotion Group is quickly becoming a major player in the exciting world of Virtual Reality. Since flotation, the group has secured partnerships with some serious entertainment businesses, including Merlin, the largest entertainment business in the world after Disney.

“The approach of creating cutting edge VR content, and blending this with cost effective motion platforms, has given the Group the ability to deliver a suite of immersive experiences at an affordable end price.

“The price paid by the end consumer is a vital ingredient in the long-term success of any business. Being able to achieve this, and deliver a sustainable margin is a credit to the team.

“We are very encouraged by the opportunities in front of us and we firmly believe that 2019 will be an exciting year for Immotion Group.”

Chief executive Martin Higginson said: “2018 was very much a year of investment. In order to establish ourselves as a serious player, we needed to create a range of VR experiences as well as source a range of VR platforms on which these experiences could operate.

“There are many players, including some of the largest companies in the world, operating in the VR space and whilst Immotion Group is a relatively new entrant in this landscape, it has quickly established itself as a serious contender.

“An encouraging start to trading with both our own ImmotionVR centres and our concession partners has given us confidence in the potential of the concessions model as well as the appetite to look selectively for new sites.

“As one of the few VR companies actually generating revenues, we are genuinely enthused at the growth we are achieving. Our team continue to deliver amazing results, whether it’s creating new experiences, signing up new partners or opening new stores, they are a credit to the Group and themselves. I thank them for their continued hard work and belief in our goals.”