LONDON (Alliance News) - Shares in VR Education Holdings PLC plunged on Friday as the company warned that delays in the launch of Titanic VR on PlayStation will result in annual revenue "materially below expectations".
VR Education shares were down 30% at 8.10 pence each on Friday morning. In 2017, the company recorded revenue of EUR624,487 and pretax loss of EUR623,699.
The virtual reality technology company said that the launch of its VR experience of the sinking of the Titanic on PlayStation has taken longer than anticipated. The company however, expects to launch the game in 2018.
As PlayStation sales generate a "significant percentage of sales" the company expects the delay to materially reduce its 2018 revenue.
"The amount of the shortfall will be determined by the launch date of Titanic VR on PlayStation and how its sales perform," VR Education said.
In August, the company launched the product on PC, Oculus Rift, HTC Vive, and Windows Mixed Reality.
Meanwhile, the company said that its main focus remain the launch of its virtual learning and corporate training platform ENGAGE, which is expected before the end of the fourth quarter.