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Immotion sees losses increase with strategy gaining traction

By BFN News | 09:17 AM | Wednesday 25 September, 2019

Immotion's losses grew to £2.4m from £1.6m with revenue increasing to £1.3m from £0.5m as announced in its interim results for the period ending 30 June 2019. The company saw strong summer trading and reported that 256 headsets were now installed with a further 33 contracted installs expected in the next three weeks. Immotion said that its Partner model was gaining considerable traction with high quality signings - recent partners included Dubai aquarium, San Antonio aquarium and Austin's Aquarium. Immotion believes its offering makes life easy for partners as they provide the hardware; the content; training and support, all at Immotion's cost. The partner then provides the staff; space and the footfall at their cost, with revenues being shared. Robin Miller, chairman of Immotion Group said: 'We are now beyond the half way stage of what looks like a very promising year. We have, through a journey of discovery, honed our business model and are now focused on growing this model rapidly.' 'Our partnerships with entertainment giants are not only minimising risk but providing huge opportunity on a global basis. We are therefore confident in our target of not only reaching monthly breakeven in Q1 2020, but in delivering 1000 installed headsets by the end of 2020.' 'We are particularly encouraged by our early success in the USA, with our aquarium offering. Our wide range of experiences are proving popular both in the 'edutainment' and 'entertainment' sectors. Our partnership model is a winning formula and whilst there is much to be done, we look forward with considerable confidence.' At 9:17am: (LON:IMMO) Immotion Group Plc share price was +0.1p at 6.85p Story provided by

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