(Alliance News) - Immotion Group PLC shares jumped on Thursday as revenue of its location based entertainment division nearly doubled.
Shares in the Manchester, England-based virtual reality entertainment company were up 7.6% to 3.50 pence each in London on Thursday morning.
In the first six months of 2022, revenue at Immotion's core location based entertainment business surged 91% to GBP4.4 million from GBP2.3 million the year before.
The company said that this momentum has continued into the summer months, with revenue of GBP1.3 million in July, making it the division's "best ever month".
It added that August has also started "very strongly".
Further, Immotion said it has recently completed two small-scale installations at Chester Zoo and Legoland Discovery Center Philadelphia. The company now has 488 seats across 54 locations.
It added that it has a pipeline of new sites and additional seats at existing sites, with this the company expects that it will "comfortably" pass the 500 seat mark by the end of 2022.
Back in April, Immotion announced its strategic decision to expand its home based entertainment and uvisan divisions. It said that discussions for both are now at an "advanced stage".
Immotion expects to release its interim results during the week commencing September 26.
Chief Executive Officer Martin Higginson said: "Demand for the Group's core LBE offering remains strong and, with solid operating cash flow generation from the key summer months, we are now well positioned for further installations and growth of the LBE estate."
By Sophie Rose; sophierose@alliancenews.com
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