Immotion Group has almost doubled its revenues to £4.4m (H1 2021: £2.3m) according to its interim results.
The company has also seen its EBITDA increase 150% to £0.5m.
“We are delighted with the performance of the business in H1,” said Chief Executive Martin Higginson.
Looking forward he added:
“Whilst our operating costs are not immune from inflationary pressures, and we have made a small number of new hires as part of our growth planning, we expect operating costs to remain fairly stable and the operational gearing of the business to be demonstrated as revenues grow with the expansion of our estate.”
During the period the Salford group entered the zoo market, with sites opening at Milwaukee County Zoo, Pittsburgh Zoo and Chester Zoo.
It has also reached an agreement in principle to sell Uvisan for around £100k and a £250 “third party investment” for its Home Based Entertainment (HBE) business in exchange for 51% ownership of this business. That’s as it continues its pivot towards Location Based Entertainment (LBE).
“With revenue of £4.4m for the first half of 2022, almost double the same period last year (and exceeding that of our seasonally stronger H2 last year) the strength of our core LBE business is being demonstrated clearly and I am excited by its growth prospects,” said Chairman Sir Robin Miller.
“The decision to focus all our efforts on LBE is delivering results and with the disposal of Uvisan and the spin out of HBE now agreed in principle we can, as we move through the remainder of H2, focus our planning and resources on accelerating growth of our core LBE partner estate.
“We believe that considerable growth opportunities lie ahead of us in both the aquarium sector, where we are now a well-established player, and in the zoo market where we have taken our initial steps in what should be an even larger market.”
Its LBE business had a “very strong Q3” with its revenue expected to be around £3.4m, compared to £2.3m over the same period last year.
