Virtual reality (VR) technology provider Immotion Group PLC (LON:IMMO) expects its VR revenue to grow significantly in the second half of the year after it posted its maiden interim results.
The provider of ‘out of home’ VR experiences, which floated on AIM in July, posted a maiden operating loss of £1.5mln in the six months to the end of June on revenues of £0.55mln.
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The company, whose oversubscribed float raised £5.75mln, said it had opened two owned and operated ImmotionVR experience centres in the UK during the period. It added that its first VR experiences had been launched with concession partners at LEGOLAND Discovery Centre, Boston, USA and Resorts World, Birmingham, UK.
Earlier this month, the company announced plans to open further sites in UK shopping centres following the launch of an ImmotionVR centre at intu St Davids in Cardiff. It plans to open three more sites at intu malls in Derby, Newcastle and Uxbridge. The Manchester-based group also plans to expand into the US.
“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,” Immotion’s chairman Robin Miller said in a statement.
“VR revenue expected to grow very significantly in H2 following post-listing activity,” he added.
Shares in Immotion Group were 2% down by 12.49p in mid-morning trade.