Immotion moves into profitability as revenues continue to grow

VR specialist Immotion said on Wednesday that thanks to continued strong growth in revenues, it achieved a small underlying profit in May followed by a "substantial" EBITDA profit in June.

Immotion highlighted that each of the last three months had seen record revenues in our Location Based Entertainment business, with £402,000 in April and £457,000 in May, while June was expected to be in excess of £600,000.

Total Group revenue for June was pegged to be over £700,000 and should result in underlying EBITDA of roughly £100,000.

With further installs in its pipeline, Immotion also said it expects the third quarter of the fiscal year to be "a period of very strong trading".

Chief executive Martin Higginson said: "The move into profitability is a major milestone for the business and one, given the last 14 months, which we are very glad to see arrive. As we add new sites, we should begin to see a substantial impact on overall profitability"

"With growing revenues and a number of new installations on the horizon we are looking forward, with confidence, to what we believe will be an incredibly busy summer season."

As of 0945 BST, Immotion shares were up 13.33% at 5.78p.