A听Manchester-based VR experiences firm has seen revenues bounce back as COVID-19 restrictions are lifted around the world.听
Immotion听Group, which operates high-end immersive experiences in entertainment centres,听said听that听following the relaxation of restrictions in听the majority of听its US and UK locations, it has continued to see revenues recover strongly.听
Having reported an almost two-fold increase in revenue at these locations in March 鈥� compared with February 鈥� April revenue in the partner business was 拢402,000,听up 35% on March and听a new monthly record.听
鈥淕rowth has continued in May, bolstered by the reopening of our UK sites on 17 May 2021, which have seen a very encouraging first two weeks of trading,鈥� a statement read.听
鈥淲e remain confident that, as long as there are no material reversals with regard to the pandemic, the group should be well set for a strong and profitable summer season in its key US and UK markets.鈥�听
From today, all COVID-related capacity restrictions have been lifted in Las Vegas, home to听its听largest location-based installation at Shark Reef Aquarium, part of the Mandalay Bay Resort and Casino.听
“After an extremely tough period we are very pleased to report a strong recovery of revenues,鈥� said听CEO Martin Higginson.听听
鈥淎pril was a record month for our LBE business and May is looking even stronger.听 The continued lifting of restrictions, combined with what we believe will be a bumper听summer of staycations, bodes extremely well.”听
Immotion鈥檚听share price dropped dramatically when the full impact of COVID hit in March 2020. It remains below pre-pandemic听levels, but听has recovered most of that valuation.听听
VR