A Greater Manchester-based virtual reality (VR) group has said it is "very optimistic" for the future and eyeing further growth after reporting that it expects unaudited first half results to break even.
Immersive entertainment firm Immotion said in a trading update on Monday that revenue will be around £2.7m for the first half of the year, with June having seen its best ever monthly result with unaudited group EBITDA of £126,000 on revenues on £850,000.
The Salford-based firm said the second half of 2021 has "started very strongly" - with July being yet another record month.
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Unaudited group revenue was £1m, with unaudited EBITDA at around £200,000 - taking the company into overall EBITDA profitability for the year to date.
The growth in revenue in July was driven by improved trading in the firm's location-based entertainment division, which benefitted from school holidays in both the USA and 海角视频, driving LBE revenue to £922k compared with £732k in June, the firm said.
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Martin Higginson, 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."
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"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."
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The firm added that neither June nor July's results benefitted from the Government's Coronavirus Job Retention Scheme or US equivalent.
It said that it remains "very optimistic" about the prospects for H2, assuming no "material reversal" in the easing of pandemic restrictions.
It added that it remains focused on maximising the performance of its LBE portfolio, but also on the opportunities for growth next year "and beyond."