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Birmingham Post
Birmingham Post
Technology
Jon Robinson

Virtual reality group's revenue set to more than triple as profits jump

Revenue at a virtual reality (VR) group, which works with the likes of The 02, Madame Tussauds and Sea Life, is expected to more than triple for its latest financial year.

Greater Manchester-headquartered Immotion Group has said it expects its revenue for 2021 to exceed £9m after posting £2.8m in 2020.

In a statement to the London Stock Exchange, the group added the second half of the year has been "strongly profitable".

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The group's revenue during the first half of 2021 totalled £2.8m, the same total as in the whole of 2020.

It also expects its revenue for the second half to be c.£6.5m.

Immotion Group added its adjusted EBITDA for the full year is set to be "significantly ahead" of the £600,000 for the first nine months of trading in 2021.

The company also works with the likes of Legoland, Merlin Entertainment and The Blackpool Tower.

Chief executive Martin Higginson said: "With full year revenues expected to exceed £9m we are pleased to be ending the year with a profitable business and cash in the bank.

"The surge in H2 revenues, expected to exceed £6.5m, a circa 230% increase on H1, is testament to the team, their drive and enthusiasm for our offerings.

"This strong trading, combined with a successful IAAPA trade show for the LBE division, gives us renewed confidence for the year ahead."

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