(Alliance News) - VR Education Holdings PLC on Thursday said revenue in 2019 increased slower than the market had expected, but it now has "solid" foundations for further growth in the year ahead.
The stock was 4.0% lower in morning trade in London at 7.20 pence a share.
The virtual reality technology company said revenue for 2019 is expected to be EUR1.0 million, an increase of 42% on the prior year's EUR720,000, but below market forecasts.
VR Education said its revenue growth was hurt by the delayed launch and the lack of availability of mobile standalone headsets from their hardware providers, which has now been resolved.
The AIM-listed company's loss before interest, tax, depreciation and amortization in 2019 is expected to be reduced marginally to EUR1.49 million, it said, from EUR1.54 million.
"While it is disappointing to not have grown revenue for 2019 at the pace previously forecasted, we have grown in the year and made significant progress which lays solid foundations for further growth in 2020," said Chief Executive David Whelan.
"With VR adoption becoming more mainstream through the wider availability of new standalone VR devices, along with the improvements that 5G deployment will bring, we are confident that 2020 will see an increase in demand for immersive experiences."
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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