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VR Education Hldgs - Interim Results

RNS Number : 5384Y
VR Education Holdings PLC
10 September 2020
 

For immediate release

10 September 2020

 

VR Education Holdings plc

('VR Education' or the 'Group')

 

Interim Results

 

VR Education (AIM: VRE; Euronext Growth: 6VR), a leading virtual reality ('VR') technology company in the education, communication and virtual events space, and owner/developer of the ENGAGE platform, today announces its interim results for the six months ended 30 June 2020 (the 'Period' or 'H1 2020').

 

Financial Highlights

 

·    Revenue increased by 37% to €681k (H1 2019: €497k)

·    ENGAGE revenue accelerated during H1 2020 and the Group is currently on track to meet FY 2020 expectations

·    ENGAGE revenue comprises 33% of total Group revenue in the Period (H1 2019: 18%)

·    In line with management expectations, the EBITDA result was unchanged at a loss of €0.9m (H1 2019: loss of €0.9m)

·    Result before tax was a loss of €1.1m (H1 2019: loss of €1.2m)

·    Commercial agreement with HTC for the resale of ENGAGE services within Greater China and subsequent successful fundraise of €3.0m (€2.93m net of expenses) from HTC - significantly underpins external confidence in the Group

·    Net cash as at 30 June 2020 of €3.2m and at 9 September 2020 of €2.9m

·    Loss per share for the period of €0.01 (H1 2019: €0.01)

·    ENGAGE revenue post period end comprised 68% of total post period end Group revenue showing the significant traction achieved by ENGAGE  

 

 

Operational Highlights

 

·    Extremely successful HTC Vive Ecosystem Conference held on the ENGAGE platform in March 2020

·    Partnership agreements entered into with content providers in USA and UK for on-boarding content onto the ENGAGE platform

·    Multi-year enterprise licence agreement signed with Tokyo Global Gateway for approx. €0.2m

·    Significant events contracted to be held in ENGAGE during H2 2020

·    Commercial deals entered into with a number of parties on the ENGAGE platform for license agreements and for VR events including Facebook and Victory XR

·    Successful launch of ENGAGE Mobile on Android phones and tablet devices

 

David Whelan, CEO of VR Education, said: "2020 has been a catalyst for increasing interest and uptake of VR to enable companies and employees to continue to interact.  Our proprietary ENGAGE platform has benefitted from this and is now being used by significant global organisations, both governmental and corporate.  VR Education's outlook and forecast for the future is brighter than ever and I look forward to updating shareholders on our progress in due course."

 

 

 

Investor and Analyst Meeting

 

A meeting for analysts hosted by David Whelan (CEO) and Séamus Larrissey (CFO) will be held at 0930am today via Zoom.  Please contact Buchanan at [email protected] if you would like to receive the dial in details.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

- Ends -

 

For further information, please contact:

VR Education Holdings plc

David Whelan, CEO

Sandra Whelan, COO

 

Tel: +353 87 665 6708

[email protected]

 

Cairn Financial Advisers LLP (Nominated Adviser)

James Caithie / Liam Murray / Ludovico Lazzaretti

 

 

Tel: +44 (0) 20 7213 0880

 

Shard Capital Partners LLP (Joint Broker)

Damon Heath / Erik Woolgar

 

Tel: +44 (0) 20 7186 9952

 

Davy (Joint Broker & Euronext Growth Advisor)

Fergal Meegan / Ronan Veale / Barry Murphy

 

 

Tel: +353 1 679 6363

 

 

Buchanan (UK Financial PR)

Henry Harrison-Topham / Chris Lane / Tilly Abraham

 

 

Tel: +44 (0)20 7466 5000

[email protected]

 

 

Notes to Editors

VR Education, together with its wholly owned subsidiary, is an early stage VR software and technology group based in Waterford, Ireland, dedicated to transforming the delivery methods of education and corporate training by utilising VR technologies to deliver fully immersive virtual learning experiences.  The Group's core focus is the development and commercialisation of its online virtual social learning and presentation platform called ENGAGE, which provides a platform for creating, sharing and delivering proprietary and third-party VR content for educational and corporate training purposes.

 

In addition to the ongoing development of the ENGAGE platform, the Group has also built two downloadable showcase VR experiences, being the award-winning Apollo 11 VR experience and the Titanic VR experience.

 

On 12 March 2018, VR Education listed on the AIM market of the London Stock Exchange and on the Euronext Growth, a market regulated by Euronext Dublin.  For further information, please visit www.vreducationholdings.com.
 

 

Chief Executive's Review

 

2020 has so far been a tough year for many businesses as the uncertainty of how to operate safely and efficiently, both during and following the Covid-19 pandemic, has challenged many of them. VR Education has been well placed to support many companies through its proprietary ENGAGE platform where they can host virtual events, virtual meetings and virtual training, and experience many of the same positive interactions enabled through physical interaction.

 

ENGAGE

 

Commercial use of the Group's ENGAGE platform has grown significantly since the pandemic started in Europe and the US with HTC and various other significant international organisations and corporations utilising the platform for virtual conferences and virtual meetings. HTC, a world leader in VR and mobile computing, hosted its 2020 Vive Ecosystem Conference on ENGAGE and was so impressed that it subsequently invested in the Group, becoming a sizable shareholder with a strong vested interest in the continued growth of the Group as a whole.

 

VR Education has continued to sell Showcase Experiences on various VR platforms which perform well, however, the Group's ENGAGE platform revenue is beginning to dominate.  This shift in the sales mix towards ENGAGE has always been anticipated, however the pandemic has acted as a catalyst in many respects towards the uptake of VR services and the need for companies to start using it.  This increased interest and demand for VR can be clearly seen  in the Group's partnership agreement with US-based VictoryXR, a world leader in VR and augmented reality ('AR') content creation for schools and education, for the use of the Group's ENGAGE platform which was announced in April 2020, and the memorandum of understanding with Virtual College Limited, an industry-leading digital learning solutions provider, to provide and deliver technology enhanced learning solutions in the UK and Middle East, which was announced post period end.  Post period end, the Group also signed a multi-year enterprise licence agreement with Tokyo Global Gateway, a large-scale experience-oriented English-education facility, for use of the Group's proprietary ENGAGE platform, effective from 1 September 2020.

 

As part of HTC's investment, the Group has entered into a commercial agreement with HTC for the resale of ENGAGE services within the Greater China Region. This revenue stream is anticipated to come online in Q4 2020 with significant opportunities available inside China, as it is one of the countries leading the way in the adoption of XR.  The Board is confident that having a business development team and the support structure of a company like HTC behind the ENGAGE platform will accelerate the overall adoption of the platform in many areas of training, education and enterprise.

 

In Q2 2020 the Group released the beta version of ENGAGE on android phone and tablets, opening up its potential market to billions of global users without the need for a headset, with the full release occurring post period end in July 2020.   This version is perfect for attending events and conferences and an iOS iPhone/iPadOS version will follow before the end of the year.

 

With continued Covid-19 outbreaks forecast to happen in the near to medium term and an increasing number of large global technology companies allowing employees to work from home or remotely even after the pandemic is over, the Group expects to see continued accelerated growth of the ENGAGE platform for many years to come. ENGAGE offers a different way to communicate between remote teams and provides a more immersive conference experience than non-VR alternatives.  VR Education believes that the virtualisation of such events is becoming more normalised with many areas being explored not just in education but also entertainment. The Board expects this trend to continue in the coming months as the Group continues to on-board large organisations and roll out its services in multiple geographies.

 

The Group benefits from a healthy order book for its ENGAGE platform in the second half of the current financial year and since 30 June 2020, the Group has run virtual events for Ericsson and XPRIZE and has a number of other virtual events planned in the current quarter.  In addition, sales of the ENGAGE platform to date in H2 2020 for training and remote distance learning purposes has led to agreements being signed with a number of organisations including Facebook, The United States Air Force Academy, University of Arizona, Colorado State University, SNCF, Lobaki, Houston Community College and Stanford University.

 

Revenue generated from the ENGAGE platform since 30 June 2020 comprised 68% of total post period end Group revenue (H1 2020: 33%), illustrating the significant traction achieved by ENGAGE. 

 

Showcase Experiences

 

The Group's Shuttle Commander Showcase Experience, which proved highly popular on PlayStation VR ('PSVR') will be released on Oculus Quest later this month. Later in Q4 2020, Shuttle Commander will also be released on the Steam network for PC-based VR devices providing users with a HD version of the experience which the Group expects to remain highly popular in the run up to the highly lucrative Christmas period.

 

Due to Covid-19 restrictions, revenue from the Group's Showcase Experiences at location-based installations such as museums and VR arcades is lower than anticipated however the Group expects this to recover as restrictions are eased.

 

VR Education has continued to see good sales of its previously-released titles such as Apollo 11 VR, Titanic VR and Shuttle Commander on PSVR and will bundle these titles at various times throughout the year during subject matter anniversaries or general sales offers by Oculus, Sony or Steam.

 

Outlook

 

This past six months have been transformational for VR Education. The Group's ENGAGE platform has become a vital tool for many educators, event planners and enterprise clients in their response to Covid-19.  The surge in demand for ENGAGE has led to the Group increasing its employees by 25% to keep up with the growing user base and the Board expects this to accelerate well into this coming year with ENGAGE set to be released in China in the near future with the backing of HTC and its business development team.

 

The Group's Showcase Experiences continue to generate meaningful revenue and this is expected to continue, however more and more attention is now being spent on the ENGAGE platform as revenues and user numbers continue to grow strongly. VR Education's outlook and forecast for the future is brighter than ever which is in stark contrast to the difficulties many corporates are experiencing with restrictions and shutdowns happening globally. The Group continues to hire top talent from around the world and has strengthened the Board with two excellent appointments providing a fresh outlook for the Group's products outside of the education arena.  A statement I have heard in the past is 'Right product, right time' and I believe that VR Education has that product in ENGAGE and the timing for mass global commercialisation is now.

 

 

David Whelan

Chief Executive Officer

10 September 2020

 

 

Financial Review

 

Revenue for the half year is up 37% on the prior half year to €681k (H1 2019: €497k), driven by an acceleration in revenue from the ENGAGE platform and the continued success of the Group's Showcase Experiences, these being Apollo 11 VR, Titanic VR and Shuttle Commander.

 

ENGAGE revenue as a percentage of total revenue grew significantly in the period and comprised 33% of total revenue in the period (H1 2019: 18%). Post period-end, ENGAGE revenue continued to accelerate with ENGAGE revenue comprising 68% of total revenue post period end providing evidence of the continuing momentum behind the platform.

 

EBITDA loss was €0.9m comparable to the prior year period (H1 2019: loss of €0.9m).  The primary cost driver for the EBITDA loss is salary and associated costs, currently approximately €0.2m per month.

 

Loss before tax was €1.1m, in line with management expectations, compared to a loss in the prior year of €1.2m.

 

The combination of operating cashflows and capital expenditure improved by over 20% in the period from an outflow in H1 2019 of €1.25m to just under €1.0 in H1 2020.  The current cash burn rate, net of revenue received, post period end is approximately €0.2m per month but is expected to decline as revenues continue to grow. This is a reduction from earlier in the period when the cash burn rate was €0.25m.

 

At 30 June 2020, the Group had a strong cash position with net cash of €3.2m. The Group's cash position as at 9 September 2020 stood at €2.9m. The cash balance was significantly strengthened during the period by a successful €3.0m (€2.93m net of expenses) share subscription by HTC.

 

 

Séamus Larrissey

Chief Financial Officer

10 September 2020

 

 

 

 

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2020

 

 

 

 

 

Note

Unaudited

Six months

ended

30 June 2020

Unaudited

Six months

ended

30 June 2019

Continuing Operations

 

 

 

 

 

 

 

Revenue

 

681,152

497,362

Cost of Sales

 

(202,982)

(217,699)

 

 

 

 

Gross Profit

 

478,170

279,663

 

 

 

 

 

 

 

 

Administrative Expenses

 

(1,608,415)

(1,448,633)

 

 

 

 

Operating Loss

 

(1,130,245)

(1,168,970)

 

 

 

 

Finance Costs

 

(2,710)

(3,597)

 

 

 

 

Loss before Income Tax

 

(1,132,955)

(1,172,567)

 

 

 

 

Income Tax Credit

 

-

-

 

 

 

 

Loss for the Year from continuing operations

 

(1,132,955)

(1,172,567)

 

Loss per share

 

 

 

Basic from continuing operations

4

(0.005)

(0.006)

 

 

 

 

 

 

 

Consolidated Statement of Financial Position

As at 30 June 2020

 

 

 

 

 

Note

Unaudited

as at

30 June 2020

Unaudited

as at

30 June 2019

Audited

as at

31 Dec 2019

Non-Current Assets

 

 

 

 

Property, Plant & Equipment

 

84,291

152,174

115,930

Intangible Assets

2

1,217,679

1,205,227

1,433,733

 

 

1,301,970

1,357,401

1,549,663

 

 

 

 

 

Current Assets

 

 

 

 

Trade and other receivables

 

301,100

289,932

204,904

Cash and short-term deposit

 

3,234,069

2,220,797

1,292,852

 

 

3,535,169

2,510,729

1,497,756

 

 

 

 

 

Total Assets

 

4,837,139

3,868,130

3,047,419

 

 

 

 

 

Equity and Liabilities

 

 

 

 

 

 

 

 

 

Equity Attributable to Shareholders

Issued share capital

5

241,751

193,136

193,136

Share premium

5

24,547,516

21,587,539

21,587,539

Other reserves

 

(11,349,684)

(11,300,902)

(11,287,395)

Retained earnings

 

(8,834,328)

(6,938,317)

(7,705,536)

 

 

 

 

 

Total Equity

 

4,605,255

3,541,456

2,787,744

 

 

 

 

 

Non-Current Liabilities

 

 

 

 

Operating lease liabilities

 

18,984

44,522

34,057

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

Trade and other payables

 

182,754

246,434

192,893

Operating lease liabilities

 

30,146

35,718

32,725

 

 

212,900

282,152

225,618

 

 

 

 

 

Total Liabilities

 

231,884

326,674

259,675

 

 

 

 

 

Total Equity and Liabilities

 

4,837,139

3,868,130

3,047,419

 

 

 

 

 

 

Consolidated Statement of Changes in Equity

At 30 June 2020

Attributable to Equity Shareholders

 

 

Share

Capital

 

Share

Premium

 

Other

Reserves

 

Retained

Earnings

 

 

Total

 

 

 

 

 

 

Balance at 1 January 2019

193,136

21,587,539

(11,314,729)

(5,765,750)

4,700,196

Loss for the period

-

-

-

(1,172,567)

(1,172,567)

Share option expense

-

-

13,827

-

13,827

Balance at 30 June 2019

193,136

21,587,539

(11,300,902)

(6,938,317)

3,541,456

 

 

 

Attributable to Equity Shareholders

 

 

Share

Capital

 

Share

Premium

 

Other

Reserves

 

Retained

Earnings

 

 

Total

 

 

 

 

 

 

Balance at 1 January 2020

193,136

21,587,539

(11,287,395)

(7,705,536)

2,787,744

Loss for the period

-

-

-

(1,132,955)

(1,132,955)

Issue of ordinary shares

48,615

2,959,977

-

-

3,008,592

Issue costs

-

-

(70,720)

-

(70,720)

Share option expense

-

-

8,431

4,163

12,594

Balance at 30 June 2020

241,751

24,547,516

(11,349,684)

(8,834,328)

4,605,255

 

Consolidated Statement of Cash Flows

For six month period ended 30 June 2020

 

 

 

 

 

 

 

 

Note

Unaudited

Six months

ended

30 June

2020

Unaudited

Six months

ended

30 June

2019

Cash Flows from Operating Activities

 

 

 

Loss before income tax

 

(1,132,955)

(1,172,567)

Adjustments to reconcile loss before tax to net cash flows:

 

 

 

Depreciation

 

34,510

39,015

Amortisation

 

269,518

231,807

Finance Costs

 

2,710

3,597

Share Option Expense

 

12,596

13,827

Movement in Trade & Other Receivables

 

(96,196)

104,182

Movement in Trade & Other Payables

 

(10,139)

51,239

 

 

(919,956)

(728,900)

Bank interest & other charges paid

 

(2,710)

(3,597)

 

 

 

 

Net cash used in operating activities

 

(922,666)

(732,497)

 

 

 

 

Cash Flows from Investing Activities

 

 

 

Purchases of property, plant & equipment

 

(2,870)

(34,137)

Payments to develop Intangible Assets

 

(53,464)

(480,482)

 

 

 

 

Net cash used in investing activities

 

(56,334)

(514,619)

 

 

 

 

Cash Flows from Financing Activities

 

 

 

Proceeds from issuance of ordinary shares

5

2,937,872

-

Payment of operating lease liabilities

 

(17,655)

(17,273)

 

 

 

 

Net cash generated / (used) from financing activities

 

2,920,217

(17,273)

 

 

 

 

Net increase / (decrease) in cash and cash equivalents

 

1,941,217

(1,264,389)

 

 

 

 

Cash and cash equivalents at beginning of period

 

1,292,852

3,485,186

 

 

 

 

Cash and cash equivalents at the end of period

 

3,234,069

2,220,797

 

 

 

 

 

 

Notes to the Interim Report

 

1. Basis of Preparation

 

The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union ("IFRS") and expected to be effective at the year-end of 31 December 2020.

 

The accounting policies are unchanged from the financial statements for the year ended 31 December 2019.  The interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.  Statutory accounts for the year ended 31 December 2019, prepared in accordance with IFRS, have been filed with the Companies Registration Office.  The Auditors' Report on these accounts was unqualified, but did include an emphasis on the Groups ability to continue as a going concern in light of the impact of COVID-19. The opinion given was not modified as a result of the emphasis and did not contain any statements under section 498 of the Companies Act 2006.

 

The consolidated interim financial statements are for the 6 months to 30 June 2020.

 

The interim consolidated financial information does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2019, which were prepared in accordance with IFRS's as adopted by the European Union.

 

2. Summary of Significant Accounting Policies

 

New standards, interpretations and amendments adopted by the Company

 

No new standards or amendments have been adopted for the first time in these financial statements:

 

 

Intangible Assets

 

Research costs are expensed as they are incurred.  Development costs that are directly attributable to the design and testing of identifiable and unique commercial software controlled by the Company are recognised as intangible assets when the following criteria are met:

 

-              it is technically feasible to complete the software product so that it will be available for use and sale;

-              management intends to complete the software product and use or sell it;

-              there is an ability to use or sell the software product;

-              it can be demonstrated how the software product will generate future economic benefits;

-              adequate technical, financial and other resources to complete the development and use or

-              sell the software product are available; and

-              the expenditure attributable to the software product during its development can be reliably

-              measured.

 

Directly attributable costs that are capitalised as part of the software product include the software development employee costs and subcontracted development costs.

 

Other development expenditure that does not meet these criteria is recognised as an expense as incurred.

 

Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

 

Computer software development costs recognised as assets are amortised over their estimated useful lives, which do not exceed 3 years and commences after the development is complete and the asset is available for use.  Intangible assets are amortised over their estimated useful lives based on the pattern of consumption of the underlying economic benefits.  Amortisation is included in 'Administrative Expenses'.

 

2. Intangible Assets

 

Software

in development

Costs

 

 

Total

Cost or Valuation

 

 

At 1 January 2020

2,022,009

2,022,009

Additions

53,464

53,464

 

 

 

At 30 June 2020

2,075,473

2,075,473

 

 

 

 

 

 

Amortisation

 

 

At 1 January 2020

588,276

588,276

Charge

269,518

269,518

 

 

 

At 30 June 2020

857,794

857,794

 

 

 

At 30 June 2020

At 31 December 2019

1,217,679

1,433,733

1,217,679

1,433,733

 

 

Software

in development

Costs

 

 

Total

Cost or Valuation

 

 

At 1 January 2019

1,131,850

1,131,850

Additions

480,484

480,484

 

 

 

At 30 June 2019

1,612,334

1,612,334

 

 

 

 

 

 

Amortisation

 

 

At 1 January 2019

175,300

175,300

Charge

231,807

231,807

 

 

 

At 30 June 2019

407,107

407,107

 

 

 

At 30 June 2019

At 31 December 2018

1,205,227

956,550

1,205,227

956,550

 

 

 

The software being developed relates to the creation of three virtual reality experiences and an online virtual learning and corporate training platform.

 

ENGAGE is an online virtual learning and corporate training platform currently in development by the Company. A desktop version was released in December 2018 and the mobile version was released in December 2019. Amortisation commenced when the mobile version launched.

 

The three virtual reality experiences are at various stages in their development cycles.  Once the experience is launched on the major VR capable platforms amortisation commences.

 

Amortisation expense of €231,807 (H1 2018: €Nil) has been charged in 'Administrative Expenses'.  An impairment review was carried out at the balance sheet date.  No impairment arose.

 

3. Share Based Payments

 

Share-based payment schemes with employees

There were no employee options granted during 2020 (2019: 133,089 at an exercise price of €0.10).

The remaining employee options expire at the end of a period of 7 years from the Grant Date or on the date on which the option holder ceases to be an employee.

Share-based payment expense with Director

There were no share options granted during 2020 (2019: Nil) to Directors.

 

 

The movement in employee share options and weighted average exercise prices are as follows for the reporting periods presented:

 

 

2018 Scheme

 

Half-Year 2020

Half-Year 2019

 

 

 

At 1 January

 4,465,526

4,425,028

Capital restructure and Listing process

 -  

-

Granted during period

 -  

133,089

Exercised during period

 (330,447)

-

Forfeited during period

 (37,037)

(92,591)

At 30 June

 4,098,042

4,465,526

 

 

 

 

 

 

Options outstanding at 30 June

 

 

Number of shares

4,098,042

4,465,526

Weighted average remaining contractual life

2.33 years

3.30 years

Weighted average exercise price per share

€0.027

€0.028

Range of exercise price

€0.0001 - €0.135

€0.0001 - €0.135

 

 

 

Exercisable at 30 June

 

 

Number of shares

2,328,003

2,438,152

Weighted average exercise price per share

€0.026

€0.026

 

 

 

 

330,447 options were exercised during the period at a price of €0.026 per share.  

The expense recognised in respect of employee share based payment expense and credited to the share based payment reserve in equity was €12,596 (2019: €13,827)

The Company has measured the fair value of the services received as consideration for equity instruments of the Company, indirectly by reference to the fair value of the equity instruments.  The table below sets out the options and warrants that were issued during the period and the principal assumptions used in the valuation.

 

 

Employee

 

Number of options / warrants

 

133,089

Grant date

 

1 Jan 2019

Vesting period

 

3 years

Share price at date of grant

 

£0.11

Exercise price

 

€0.1127

Volatility

 

57%

Option life

 

7 years

Dividend yield

 

0%

Risk free investment rate

 

0.14%

Fair value per option at grant date

 

€0.071

Weighted average remaining contractual life in years

 

5.5

 

 

 

 

 

4. Loss per share

 

 

 

 

 

Loss attributable to equity holders of the Group:

Unaudited

Six months

ended

30 June

2020

Unaudited

Six months

ended

30 June

2019

 

 

 

Continuing Operations

(1,132,955)

(1,172,567)

 

 

 

 

Weighted average number of shares for Basic EPS

 

241,750,955

 

193,136,406

 

 

 

 

 

 

Basic loss per share from continuing operations

(0.005)

(0.006)

 

 

 

 

5. Share Capital

 

 

Number of shares

Ordinary

shares

Share

premium

Total

 

 

At 1 January 2020

193,136,406

193,136

21,587,539

21,780,675

Ordinary Shares Issued

48,284,102

48,285

2,951,715

3,000,000

Exercise of Share Options

330,447

330

8,262

8,592

At 31 December 2018 and at 31 December 2019

241,750,955

241,751

24,547,516

24,789,267

 

On 12 June 2020 HTC Corporation invested €3.0 million in the Group and were issued 48,284,102 ordinary shares at an issue price of €0.062 per share.  Net proceeds after expenses were €2.94 million.

On 22 June 2020, as a result of the exercise of share options, 330,447 ordinary shares in the Company at an exercise price of €0.026 per share providing the Company with gross proceeds of €8,591.62

 

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. 

The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

 

- ENDS -

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Quick facts: VR Education Holdings PLC

Price: 20.5

Market: AIM
Market Cap: £49.56 m
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