Sun. Oct 2nd, 2022

By Anthony O. Goriainoff

Immotion Group PLC said Thursday that revenue at its core location-based entertainment business rose for the first half of 2022, and that discussions about the spinoff of two divisions are at an advanced stage.

The U.K. virtual-reality company said LBE revenue for the period was 4.4 million pounds ($5.3 million) compared with GBP2.3 million for the first half of 2021.

Immotion said the LBE business’s performance in the summer period was very strong, with July’s revenue of GBP1.3 million the division’s best month ever. August has also started very strongly, it said.

The company said LBE revenue for the seven months to July 31 was GBP5.7 million, up from GBP3.2 million in the year-prior period.

In April the company said it intended its home-based entertainment and Uvisan businesses to be spun off in the short term and that this would allow it to fully focus on LBE.

“The first six months of the year have shown solid year-on-year improvement and, with July exceeding all previous revenue numbers, the summer trading period is looking very encouraging,” Chief Executive Martin Higginson said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com



Source link