Immotion Group EBITDA breakeven in H1 a major milestone (Interview)

Immotion Group plc (LON:IMMO), the UK immersive entertainment company, has this morning confirmed that it expects its unaudited H1 results to show a near EBITDA breakeven outcome on revenue of circa £2.7m*. As previously announced, June 2021 was our best ever monthly result with unaudited Group EBITDA of £126k on revenue of £850k (an uplift on the previously estimated figures), driven largely by the strong performance of the core Location-Based Entertainment business.

We caught up with CEO Martin Higginson to discuss today’s results.

We are further pleased to confirm that the second half of 2021 has started very strongly with July being yet another record month. Unaudited Group revenue was £1m, with unaudited EBITDA at circa £200k, a considerable increase versus June, taking the company into overall EBITDA profitability for the year to date. The growth in revenue in July (versus June) has been driven by improved trading in our LBE division, which benefitted from school holidays in both the USA and UK, driving LBE revenue to £922k (vs £732k in June).

This demonstrates the operational gearing of our business, with the increase in Group EBITDA versus June resulting in the main from the increase of £190k in LBE revenue.  In addition, it is noteworthy that neither June nor July results benefitted from the Coronavirus Job Retention Scheme or US equivalent scheme.

Our Home-Based Entertainment (“HBE”) division’s main focus is on building its distribution network in order to fulfil the busy Q4 period when we expect consumer intent and marketing activity to rise sharply.

Enquiries for Uvisan disinfection cabinets continue to grow and we expect to see a significant increase in its revenue in the coming months.

Overall, we remain very optimistic about the prospects for H2, assuming no material reversal in the easing of pandemic related restrictions.

As can be seen, the impact of our growing LBE revenue has a significant impact on our income statement and we remain focused not only on maximising the performance of our current LBE portfolio but also the opportunities for growth in 2022 and beyond.

Martin Higginson, Immotion Group CEO said: ” In the circumstances we are very pleased with H1’s result. Hitting circa EBITDA breakeven in H1 is a major milestone, especially on Covid impacted revenues of £2.7m. With July revenue of £1m, we are now seeing clear evidence of the potential of our business.” 

“The second half of the year has started very strongly, and this augurs well for a strong H2. The trading environment is now unrecognisable compared to the start of the year, as clearly demonstrated by the rapid increase in revenue and EBITDA. The investment in proprietary content, along with the technology to operate larger scale VR theatres, is starting to pay dividends and we are now looking ahead and planning for accelerated growth in 2022 from the plentiful growth opportunities we believe are in front of us.”

H1 EBITDA includes the benefit of other income of £399k, comprised primarily of £117k forgiveness of the 2020 Paycheck Protection Program loan in the USA and £206k grants from the Coronavirus Job Retention Scheme in the UK. The revenue figure of £2.7m does not include these items.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Immotion Group plc

More articles like this

Immotion Group plc

Immotion Group revenue increased 230% during a year of recovery and progress

Immotion Group plc (LON:IMMO), the UK-based immersive entertainment group,has today announced its audited results for the year ended 31 December 2021 and to provide a Group update. Highlights ·    Group revenue increased 230% to £9.4m (2020: £2.8m) ·    Group positive adjusted EBITDA of

Immotion Group plc

The Science of Immersive Learning

Encouraging active and long-lasting engagement with the natural world is one of the prime goals of zoos and aquariums. Though some worry that technology will undermine their mission, keeping people at home and on their screens, others say

Immotion Group plc

Immotion Group signs four new partner locations

Immotion Group plc (LON:IMMO), the UK-based immersive entertainment group, has announced the opening and signing of the following new partner sites in its core Location Based Entertainment business, scheduled to bring a total of 24 new seats into

Immotion Group plc

How do Virtual Reality headsets work?

Virtual reality (VR) is now the fastest-growing content segment in the world. Research by PwC found that VR content will grow at a compound annual rate of 30 percent between 2021 and 2025, outstripping over-the-top (OTT) video, video games, and

Immotion Group plc

Immotion expands footprint

Immotion’s Undersea Explorer Virtual Reality Theater at Shark Reef Aquarium at Mandalay Bay Resort and Casino underwent a major expansion last week moving from 36 to 48 seats.  The new expansion allows even more guests to virtually swim

Immotion Group plc

Theme park and theatrical VR concepts find new outlets

The popularity of dedicated virtual reality attractions for the larger venues has still seemed to find its footing, but new investment into the deployment of VR attractions to offer a big experience in differing-sized venues continues to be

Immotion Group plc

Immotion Group contract extension at Shark Reef Aquarium

Shark Reef Aquarium Expansion and Contract Extension Immotion Group plc (LON:IMMO), the UK-based immersive entertainment group, has announced an expansion of capacity and a contract extension at Shark Reef Aquarium, inside Mandalay Bay Resort & Casino, Las Vegas, currently

Immotion Group plc

Virtual Reality can amp up employee training

Working from home has ushered in a whole new era of fun and exciting capabilities. These innovations include everything from the rapid expansion of telehealth and other virtual care services to the speedy adoption of virtual reality training

Immotion Group plc

Globally, VR revenues will surpass $12 billion by 2024

Virtual reality (VR) is a rapidly growing industry, which currently holds a large share of all content produced worldwide, and VR headset shipments have also increased over the last two years.  VR also offers enterprise users and consumers

Immotion Group plc

Innovative ways to use virtual reality

When virtual reality was first introduced in the 1980s, the technology was very raw at the time. Early VR games were more of a disappointment than a new experience. The potential of the technology was not seen by

Immotion Group plc

What does the consumer VR boom mean for enterprise?

Experts within the VR community have confirmed the VR popularity boost. UploadVR, a website dedicated mainly to VR gaming, tweeted that “Christmas Day was by far the highest traffic day we’ve ever seen”, while other experts claimed that Christmas

Immotion Group plc

Virtual reality will be a thing in 2022

Virtual reality, the new technology that involves wearing goofy-looking headgear that covers the eyes and immerses you in another world and lets you swing controllers to play 3D games is growing steadily. Currently marketed by the Facebook founder

No more posts to show