Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Virtual reality entertainment company Immotion said it moved into profit in May and touted a 'very strong' third quarter ahead anticipating a busy summer period.
Following continued strong growth in revenues, the group achieved a small earnings before interest, taxes, depreciation, and amortisation, or EBITDA profit, in May 2021 followed by a substantial EBITDA profit in June 2021.
Total revenue for June was expected to be over £700,000 and result in underlying EBITDA, of circa £100,000. 'Demand for larger installations is gaining traction in both the aquarium and zoo markets, and with these delivering greater revenue per location, we have ample growth opportunities in front of us for the foreseeable future,' the company said.
Looking ahead, the company anticipated a strong and profitable summer season in our location based entertainment business.
'As we move into Q4 we should benefit from a larger LBE estate and HBE's peak season, as well as continued progress from Uvisan. Accordingly, we are looking forward to a strong second half,' it added.