Immotion's revenues soar as it gears up for a busy US holiday season

Victor Parker
Vox Newswire
09:44, 30th June 2022

Immotion (IMMO Follow | IMMO), 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 Immotion'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. Immotion 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, Immotion 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 Immotion's shares up 1.37% in early trading.

Stock Chart | IMMO

View from Vox

Immotion 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, Immotion continues its ambitious expansion plans with multiple discussions with potential new partners underway.

Notably, Immotion 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.

Immotion 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, Immotion is well-positioned to keep growing.

Follow News & Updates from Immotion: Follow | IMMO

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

Recent Articles