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Anthony O. Golyanov
Immotion Group PLC said on Thursday that revenue from its core positioned entertainment business grew in the first half of 2022, and discussions on splitting the two divisions were at an advanced stage.
The British virtual reality company said that LBE revenue for the period was 4.4 million pounds ($5.3 million), compared with 2.3 million pounds in the first half of 2021.
Immotion said the LBE business had a very strong summer period, with revenue of £1.3m in July, the best month ever for the division. It said August was also off to a very strong start.
The company said LBE revenue was £5.7 million for the seven months to July 31, up from £3.2 million a year earlier.
The company said in April that it intends to spin off its home entertainment and Uvisan businesses in the near term, which would allow it to fully focus on LBE.
Chief executive Martin Higginson said: “With solid year-over-year growth in the first six months of the year, revenue in July surpassed all previous figures and the summer trading period looks very encouraging.”
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
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