LONDON (Alliance News) - VR Education Holdings PLC on Wednesday reported a significant worsening in its annual loss as administrative expenses doubled.
For 2018, the virtual reality technology company, posted a pretax loss of EUR4.9 million, widened compared to EUR623,699 a year ago. This however was in line with management expectations, VR Education said.
The change was due to an increase in administrative costs to EUR2.2 million from EUR876,858 and also a EUR2.6 million fair value loss arising on derivative financial liabilities.
Meanwhile, revenue rose 15% to EUR716,000 from EUR624,000 driven by the successful completion of several projects.
Looking ahead, VR Education said it anticipates a busy year as it focuses on the promotion of its VR platform, Engage, and launches two new showcase experiences.
"The successful IPO and fundraise has been followed by a series of significant product launches, and so, a year on from the listing, the group has both launched its Engage platform in commercial form and has broadened its retail experiences beyond Apollo 11 VR into Titanic VR and 1943: Berlin Blitz. The group is therefore well placed to capitalise on these in 2019 and beyond," Chair Richard Cooper said.
VR Education listed on the London Stock Exchange in March 2018.
VR Education shares were trading down 6.3% at 8.90 pence each on Wednesday.
