VR group reports strong summer activity ahead of interim results
Immotion, the Salford-based virtual reality entertainment group, revealed its unaudited revenue at its core location-based entertainment (LBE) business almost doubled to £4.4m in the first half of 2022.
In a trading update for the interim period, it said it is currently enjoying very strong trading in the key summer period, with unaudited July 2022 revenue of £1.3m being the division’s best ever month.
This takes unaudited LBE revenue for the seven months to July 31, 2022, to £5.7m, a 78% increase from £3.2m in the equivalent period in 2021.
Immotion said August 2022 has also started very strongly.
Furthermore, it recently completed two small-scale installations at Chester Zoo and Legoland Discovery Center Philadelphia and so the group now has 488 seats across 54 locations.
The group has visibility on a pipeline of new sites and additional seats at certain existing sites. Should all these developments materialise, the directors expect that the group will comfortably pass the 500-seat mark by the end of the second half in 2022.
As announced on April 26, 2022, the directors have made the strategic decision to spin out both the home-based entertainment (HBE) and Uvisan divisions of the group and discussions on both businesses are at an advanced stage.
The group expects to release its first half 2022 unaudited results during the week commencing Monday, September 26, 2022.
CEO, Martin Higginson, said: “The first six months of the year have shown solid year-on-year improvement and, with July exceeding all previous revenue numbers, the summer trading period is looking very encouraging.
“Demand for the group’s core LBE offering remains strong and, with solid operating cash flow generation from the key summer months, we are now well positioned for further installations and growth of the LBE estate.”
