3rd Apr 2019 09:51
LONDON (Alliance News) - Immotion Group PLC on Wednesday reported a maiden revenue, but loss widened sharply in 2018 on investments.
The entertainment company reported revenue of GBP2.0 million in 2018 versus none the year before. Meanwhile, pretax loss widened to GBP3.8 million from just GBP175,000, as a result of the investment in VR content production and cessation of historic client work in the UK.
Immotion said it was mainly focused on putting in place the central management and sales teams and infrastructure necessary to grow its new core activities.
"2018 was very much a year of investment. In order to establish ourselves as a serious player, we needed to create a range of VR experiences as well as source a range of VR platforms on which these experiences could operate," explained Chief Executive Martin Higginson.
Looking ahead, the company said it is now focused on achieving significant growth in scale of revenue to drive towards break even.
"We are very encouraged by the opportunities in front of us and we firmly believe that 2019 will be an exciting year for Immotion Group," said Chair Robin Miller.
Immotion shares were down 8.8% on Wednesday morning at 4.61 pence each.
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