- Education-focused virtual reality company VR Education narrowed its annual losses after boosting revenue.

Pre-tax losses for the year through December amounted to €1.94m, compared to losses of €4.94m on-year.

Revenue rose 43% to €1.0m and losses at the earnings before, interest, tax, depreciation and amortisation level were €1.4m, in line with expectations.

'VR Education has positioned itself well in 2019 to identify and overcome many hurdles which had subdued growth to date,' chief executive David Whelan said.

During the year, the company's Engage technology became available on standalone devices such as the Oculus Quest, Pico VR and Vive Focus.

'The Covid-19 pandemic has transformed the group's fortunes as businesses, corporations and educational institutes globally are now seeking better alternatives to video-based communications due to limitations with collaborative tasks and the drawbacks of larger group communications via video as a medium,' Whelan said.

At 9:42am: [LON:VRE] Vr Education Holdings Plc Ord Eur0.001 share price was +1.25p at 17.5p

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