UK-based Immotion Group earned £2.9 million in revenue in 2018, as the AIM-listed business experienced a year of intense activity and investment during which it built the foundations of its plan to become a leading player in the out-of-home virtual reality (VR) market.
Alongside the headline revenue figure, Immotion also saw VR revenue increase 12-fold in the second half of 2018 to £1.2 million.
Immotion, based in Manchester of Northwest England and with offices in Los Angeles and Dubai, creates VR content, runs its own location-based entertainment centres as well as those of third parties, and sells VR equipment.
A notable highlight for the business in 2018 was its formation of a partnership with Merlin, one of the largest entertainment companies in the world.
Immotion and Merlin have opened eight discovery centres under the Legoland brand in the UK and US, with 44 VR headsets installed and another 18 planned, including six headsets going into a Legoland hotel in Germany.
Sir Robin Miller, chairman of Immotion Group, said: “Immotion Group is quickly becoming a major player in the exciting world of virtual reality. Since flotation, the group has secured partnerships with some serious entertainment businesses, including Merlin, the largest entertainment business in the world after Disney.”
“The approach of creating cutting edge VR content, and blending this with cost effective motion platforms, has given the group the ability to deliver a suite of immersive experiences at an affordable end price. The price paid by the end consumer is a vital ingredient in the long-term success of any business. Being able to achieve this, and deliver a sustainable margin is a credit to the team.”
Martin Higginson, chief executive officer of Immotion Group, added: “I am pleased with the progress made to date. 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.”
“There are many players, including some of the largest companies in the world, operating in the VR space and whilst Immotion Group is a relatively new entrant in this landscape, it has quickly established itself as a serious contender.”
Image credit: Immotion Group