Immotion Group has released its first results since joining the Stock Exchange.
The MediaCityUK-based company raised £5.75m on the placing in July and saw £1.1m revenue for the first half of the year. However, it’s expecting income from virtual reality to “grow very significantly” over the next 6 months.
“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,” stated Sir Robin Miller, non-executive chairman of Immotion Group.
“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.”
This financial year it opened VR experiences at Legoland Discovery Centre in Boston, USA and Resorts World, Birmingham. It has also developed new and exclusive VR content as well as a propriety operating system.
“Our strategy to develop VR experiences was enabled through the acquisition of both Studio Liddell, our CGI studio in Manchester, and C2K, the Los Angeles based, live-action studio,” explained co-founder and CEO, Martin Higginson.
“These acquisitions were completed just before we entered the current period (in December 2017) and both companies immediately set to work producing or publishing a range of VR experiences specifically for motion platforms. These include the space action ride, ‘Delta Zero’ as well as a number of proprietary experiences, including a mixed live action and CGI underwater experience, ‘Legend of Lusca’. Variations of old favourites, such as our VR Snow Rollercoaster; along with “seasonal” VR experiences for both Halloween and Christmas are also coming soon.”
Higginson added that they were “accelerating” their business in the USA, with a new sales director, retail operations manager and warehouse. Shortly, they will have 2 ImmotionVR experience centres in Los Angeles to appeal to potential partners.
