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Birmingham Post
Birmingham Post
Technology
Jon Robinson

Revenue surges 135% at VR firm used by The 02, Blackpool Tower and Alton Towers owner

Revenue at a virtual reality entertainment group, which has deals with the likes of The 02, Blackpool Tower and the owner of Alton Towers, surged by 135% during the first second of its financial year.

Greater Manchester-headquartered Immotion Group has said its revenue for the six months was c.£6.6m, up from the £2.8m it reporting during the first half.

During the same period in the group's previous financial year, its revenue totalled £2m.

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In a statement issued to the London Stock Exchange, the company added that trading in its core location-based entertainment division in the second half was "very encouraging".

It added that its revenue for the division totalled £4m, a 74% increase compared to the £2.3m from the first half, and a 207% rise from the £1.3m during the same period in the prior year.

Chief executive Martin Higginson said: "To see our core LBE business bounce back so quickly clearly demonstrates its robustness and growth potential.

"We are absolutely delighted to be expanding capacity at a number of key sites, especially our largest installation at Shark Reef Aquarium, Mandalay Bay Resort & Casino which will now run through to at least January 2024.

"The launch of our new 'Gorilla Trek' VR theatre experience has been extremely well received and we look forward to signing up our first zoo partner in the coming weeks.

"This sector offers huge global roll out potential with many USA zoos boasting footfall well in excess of a million visitors per annum.

"Despite the logistical challenges, we sold circa 35,000 units of our Let's Explore Oceans product, as well as gaining a new distribution partner in Australia.

"Vodiac will carry forward the key learning so far in order to provide a broader product offering to a wider audience.

"We believe there is a real opportunity to democratise the home VR video market.

"Our offering of a VR headset, combined with original and curated VR content at a sub £30 price tag will, we believe, allow us to build an audience of scale.

"Our Uvisan products continued to sell well, with a growing roster of distribution partners, including in Australia and the USA.

"Overall, we feel we have made good progress across the company and are looking forward with renewed confidence."

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