(Alliance News) - Immotion Group PLC on Friday said it made "considerable progress" in 2019, though trading more recently has been hurt by the Covid-19 pandemic.
Shares in the firm slumped 17% to 2.20 pence each in London on Friday afternoon.
The virtual reality products firm said its revenue rose 85% in 2019 to GBP3.6 million from GBP1.9 million. Its pretax loss stretched to GBP5.4 million from GBP3.8 million.
Administrative expenses were 53% higher at GBP6.5 million and depreciation costs surged to GBP1.3 million from GBP405,000.
Immotion said: "The totally unexpected pandemic should not overshadow the achievements of 2019, a year of considerable progress for Immotion.
"Recent events have, of course, been dominated by Covid-19 and we, like many businesses, have been very heavily impacted. Whilst we are seeing some early signs of the economies in the USA and Europe re-opening, it will take some time to understand the impact of the new realities, including social distancing requirements, on our partners' operations in particular."
Immotion generates revenue through its partnership model, which sees it place its virtual reality products in high footfall leisure destinations such as London's O2 arena and Glasgow's Soar Centre.
"Having clarified our strategy for this new and exciting market, we were focused on execution. We saw considerable success in winning new high-quality aquarium partners in both the USA and Europe and saw a strong performance from this cohort. This was a major endorsement of our offering," the Manchester-based company added.
By Eric Cunha; ericcunha@alliancenews.com
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