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VR Education confident Titanic VR game will be available on PlayStation later this year

It has taken longer-than-expected to get Titanic VR onto the PlayStation network, meaning a chunk of revenues that were expected to be generated this year will now arrive in 2019 instead

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Titanic VR is already available on PC, Oculus Rift, HTC Vive and Windows Mixed Reality

An unexpected delay in getting its Titanic virtual reality (VR) game on to the PlayStation platform means VR Education Holdings Plc’s (LON:VRE) sales will miss forecasts this year.

Titanic VR has already launched on PC, Oculus Rift, HTC Vive and Windows Mixed Reality, and VR Education remains confident it will be able to sell the game on the PlayStation network in 2018.

READ: VR Education launches Titanic VR gaming experience

But the delay means that a “significant” chunk of revenues which would have come this year is now likely to arrive in 2019 instead.

The AIM company said the total amount of this year’s shortfall will be determined by Titanic VR’s PlayStation launch date and its initial performance.

“We are naturally disappointed that the on-boarding process with PlayStation has taken both longer than expected and longer than we have previously experienced,” said chairman Richard Cooper.

“We understand that large corporates often are very formulaic in the on-boarding process and we are learning from this experience.”

He added: “We remain confident however that Titanic VR will be available on PlayStation by the end of this financial year.”

Sales executive brought in

Away from Titanic, VR Education has beefed up its sales capability by engaging Mike Boyce, one of the company’s non-executive directors and an experienced sales executive.

He will initially be working with the team on a part-time basis, although there is the potential for the appointment to become permanent.

Should that happen, VR Education will consider appointing another independent non-executive director to ensure it remains compliant with the QCA Corporate Governance Code.

Quick facts: VR Education Holdings PLC

Price: 16.25 GBX

AIM:VRE
Market: AIM
Market Cap: £39.28 m
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