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Immotion expects interim results to show 'near EBITDA breakeven outcome'
16th Aug 2021 09:15
(Sharecast News) - Immersive entertainment company Immotion said on Monday that it expects its unaudited interim results to show a near EBITDA breakeven outcome on revenues of roughly £2.7m.
Following its "best ever monthly result" in June, Immotion added that the second half of 2021 had "started very strongly", with July being yet another record month on unaudited group revenues of £1.0m and an unaudited EBITDA of around £200,000, taking the company into overall EBITDA profitability for the year-to-date.
The AIM-listed group stated the growth in revenue in July had been driven by improved trading in its LBE division, which benefitted from school holidays in both the USA and UK.
Overall, Immotion said it remained "very optimistic" about the prospects for the second half, assuming no material reversal in the easing of Covid-19 pandemic-related restrictions.
Chief executive Martin Higginson 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."
"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."
As of 1130 BST, Immotion shares were up 5.38% at 6.27p.
Following its "best ever monthly result" in June, Immotion added that the second half of 2021 had "started very strongly", with July being yet another record month on unaudited group revenues of £1.0m and an unaudited EBITDA of around £200,000, taking the company into overall EBITDA profitability for the year-to-date.
The AIM-listed group stated the growth in revenue in July had been driven by improved trading in its LBE division, which benefitted from school holidays in both the USA and UK.
Overall, Immotion said it remained "very optimistic" about the prospects for the second half, assuming no material reversal in the easing of Covid-19 pandemic-related restrictions.
Chief executive Martin Higginson 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."
"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."
As of 1130 BST, Immotion shares were up 5.38% at 6.27p.