StockMarketWire.com - Virtual Reality Group Immotion said its annual results met market expectations as pre-tax losses widened.

For 2018, pre-tax underlying losses widened to £3.8m from £0.18m a year earlier and total revenue of £2.9m.

The underlying earnings (EBITDA) loss was £2.22m, as a result of the investment in VR content production and putting in place the central management and sales teams and infrastructure necessary to grow the group's new core activities, the company said.

'Having made the significant investment throughout 2018 in content creation, equipment sourcing, and establishing concession relationships, the Group is now looking to significantly reduce its cost base and reduce cash outflow from operations,' the company said.

Since year end, the Group had signed two content licensing deals, and seen strong trading especially across its concession partners, and its own ImmotionVR stores.

'The recent fund raise will allow the Group to continue investing in growth as it begins to build on the foundations created in 2018,' the company added.

'As we move into 2019, we will begin to capitalise on the heavy investment of 2018 to propel the Group to the next stage of its development.'




At 9:45am: [LON:IMMO] Immotion Group Plc share price was -0.15p at 4.9p



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