Revenues recover at listed VR experiences group
Posted on June 1, 2021 by Jonathan Symcox
A Manchester-based VR experiences firm has seen revenues bounce back as COVID-19 restrictions are lifted around the world.
Immotion Group, which operates high-end immersive experiences in entertainment centres, said that following the relaxation of restrictions in the majority of its US and UK locations, it has continued to see revenues recover strongly.
Having reported an almost two-fold increase in revenue at these locations in March – compared with February – April revenue in the partner business was £402,000, up 35% on March and a new monthly record.
“Growth has continued in May, bolstered by the reopening of our UK sites on 17 May 2021, which have seen a very encouraging first two weeks of trading,” a statement read.
“We remain confident that, as long as there are no material reversals with regard to the pandemic, the group should be well set for a strong and profitable summer season in its key US and UK markets.”
From today, all COVID-related capacity restrictions have been lifted in Las Vegas, home to its largest location-based installation at Shark Reef Aquarium, part of the Mandalay Bay Resort and Casino.
“After an extremely tough period we are very pleased to report a strong recovery of revenues,” said CEO Martin Higginson.
“April was a record month for our LBE business and May is looking even stronger. The continued lifting of restrictions, combined with what we believe will be a bumper summer of staycations, bodes extremely well.”
Immotion’s share price dropped dramatically when the full impact of COVID hit in March 2020. It remains below pre-pandemic levels, but has recovered most of that valuation.