26th Sep 2018 11:31
LONDON (Alliance News) - Immotion Group PLC on Wednesday reported revenue for the first time, but said its loss widened sharply in the first half of 2018.
Immotion listed on AIM in July, raising GBP5.8 million before expenses through an oversubscribed placing.
The virtual reality experiences provider said its pretax loss widened sharply to GBP1.5 million in the six months to June 30 compared to GBP175,000 reported for the same period a year earlier, due to a substantial increase in administrative expenses.
Meanwhile, the company reported its maiden revenue of GBP547,000 and said it expects virtual reality revenue to accelerate in the second half of the year.
During the period, Immotion opened two owned and operated ImmotionVR experience centres in the UK. In the year-to-date, the number of centres has increased to seven.
"Our first ImmotionVR experience centres and Concessions are trading well and we are very pleased by the positive response we have received from consumers," said Non-Executive Chairman Robin Miller.
"This has given the executive team the confidence to pursue a rapid roll-out in the second half of the year," added Miller.
Immotion shares were down 2.0% on Wednesday at 12.49 pence each.
Related Shares:
IMMO.L