StockMarketWire.com - Virtual-reality technology group VR Education posted a first-half loss after rising sales were offset by investment spending.

Pre-tax losses for the six months through June amounted to €1.30 million, compared to year-on-year losses of €1.13 million. Revenue almost doubled to €1.25 million.

VR Education said its losses had widened due to planned continued investment in its capabilities, including its flagship Engage offering.

Net cash as at 30 June was €9.2 million.

'The first six months has seen the continued growth of Engage, building on the trends of 2020, as more and more companies and organisations around the world see VR a better way of communicating,' chief executive David Whelan said.

'The pandemic has had a major impact on the use of Engage, which is set to continue as the technology becomes more accessible, and the drive to live more sustainably, and reduce travel, picks up pace.'


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