LONDON (Alliance News) - VR Education Holdings PLC said Tuesday it remains on track to meet its annual expectations after reporting a 30% increase in interim revenue despite widening its loss.
For the six months to June 30, the virtual reality technology company posted pretax loss of EUR4.1 million compared to EUR200,000 a year prior, driven by a EUR2.6 million non-cash fair value loss on financial liabilities and EUR300,000 in extinguishment costs related to the acquisition of IVRE.
Earnings before interest, taxes, depreciation and amortisation loss also widened to EUR1.2 million compared to EUR100,000 a year ago, boosted by legal and professional costs related to the company's initial public offering in March.
Meanwhile, revenue increased 30% to EUR300,000 from EUR230,000. As the company's revenue is "heavily weighted towards the second half" VR Education said it "remains on track to meet its full year target".
Looking ahead, the firm said it is focused on continued revenue growth and on launching the full version of its platform ENGAGE by the end of 2018.
VR Education shares were trading down 1.1% at 14.10 pence each.