Immotion's revenues soar as it gears up for a busy US holiday season
( ), an immersive entertainment company, has reported strong trading in the first 5 months of 2022, with revenue in its core Location Based Entertainment (LBE) business up 127% increase to £3.4m. The company said that trading has remained strong in June as the US school holidays begin, and it expects a busy summer as new installations in the US open for business.
We previously reported on 's new zoo contracts in the US: A 40-seat installation at the Milwaukee County Zoo and a 24-seat installation at the Pittsburgh Zoo. The former is expected to open in a few days, and the latter in July. also recently opened a new 6-seat installation at Audubon Aquarium of the Americas in New Orleans, with promising early results.
When all of the aforementioned installations open, will have 478 operating seats in 52 locations. The company's decision to expand into zoos has paid off, with both zoos and aquariums seeing increased interest as post-pandemic attendance picks up.
Markets welcomed the update with 's shares up 1.37% in early trading.
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is benefiting from the same pent-up demand for outdoors entertainment as the hospitality/restaurant industry on which we reported recently. Similarly to those companies, continues its ambitious expansion plans with multiple discussions with potential new partners underway.
Notably, recently signed a contract with a Chinese VR company for new installations in 15 aquariums across the country. Its entry into the Chinese market represents a major source of revenue for the company, which reported strong FY2021 results in April.
announced two months ago that it's spinning off two of its businesses, HBE and Uvisan, in order to fully focus on LBE that the company described as "highly cash generative and scalable" and with "massive further potential". That process is still ongoing, but strong trading in LBE validates the decision. With further projects in the pipeline in the US and China, interest in the VR space on the rise, and customers returning to aquariums and zoos in large numbers, is well-positioned to keep growing.
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