Virtual reality firm publishes first set of results

A firm that specialises in virtual reality entertainment has published its first set of results on the Stock Market.

Salford based Immotion listed on AIM in July 2018, raising a total of £5.75m through an oversubscribed placing.

In its first six months the business had an operating loss £1.4m but had revenues of £1.1m.

Virtual Reality revenue is expected to grow very significantly in the second half of the year following post-listing activity.

The firm opened two owned and operated ImmotionVR experience centres in the UK which has increased to seven post period-end – the first in Bristol traded well throughout the first six months.

Its first VR experiences have been launched with concession partners at LEGOLAND Discovery Centre, Boston in the US and Resorts World, Birmingham, with further concession partner experiences due to open.

The firm developed new and exclusive VR content, as well as Immotion Group’s proprietary operating system (CMS) to facilitate “Create – Publish – Distribute” model

There is a strong pipeline of concession and retail opportunities which includes revenue from discontinued activities.

Sir Robin Miller, non-executive chairman of Immotion Group, said: “The board and I were delighted by the support shown from investors for our IPO.

“We have an ambition to become a leading global player in the Out of Home’ VR experience market.

“By combining the creation of exciting content with high-quality motion platforms, Immotion Group delivers immersive, fun and educational VR experiences.

“Our first ImmotionVR experience centres and concessions are trading well and we are very pleased by the positive response we have received from consumers.

“This has given the executive team the confidence to pursue a rapid roll out in the second half of the year.”