MelodyVR Group PLC - London-headquartered virtual reality music content creator - Reports GBP16.2 million pretax loss for 2019, widened from a GP11.4 million loss in 2018. This results from a revenue fall to GBP194,971 from GBP1.2 million as well as a 26% increase in administrative expenses to GP14.2 million from GBP11.3 million. MelodyVR said the Covid-19 pandemic has given it "an unexpected circumstance" to showcase its VR capability given the absence of mass attended events. Its purpose-built Los Angeles studio has been used by artists as an alternative way to engage with fans. Executive Chair & Chief Executive Officer Anthony Matchett said: "Whilst there have been many positives associated with the decision to pursue these new initiatives, the application of resource required to stage these events has inevitably delayed the trajectory for launching our consumer subscription service." MelodyVR said it is now focused on monetisation.
Current stock price: 4.70 pence
Year-to-date change: flat
By Anna Farley; annafarley@alliancenews.com
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