22nd Aug 2018 10:50
LONDON (Alliance News) - EVR Holdings PLC said Wednesday its loss for the first half of 2018 widened as administrative expenses increased by 61% following the launch of its music VR platform.
Shares in the company were trading down 9.4% at 7.00 pence each.
For the six months to June 30, the music content creator's pretax loss amounted to GBP4.4 million compared to GBP2.6 million a year ago. Administrative expenses grew to GBP4.2 million from GBP2.6 million the year before.
The company made revenue of GBP6,831, from nil a year ago, as it recorded the first sales of VR content.
The company said its focus for the period was on the launch of its music platform MelodyVR app, in the US and UK in May and in another eight European countries in June. The release led to a period of "significant" engineering, the company said.
"With the launch of the MelodyVR platform occurring only a matter of weeks prior to the end of this reporting period, in tandem with the launch with the world's first commercially viable standalone VR device, Facebook's Oculus Go, revenue during the period has been influenced by the initially limited distribution and accessibility of Facebook's VR Headset," Chairman & Chief Executive Anthony Matchett said.
He added: "Whilst the MelodyVR platform has been available for only a limited period, I am pleased to report that our early metrics regarding user engagement and conversion rates are extremely encouraging and remain on track with management expectations."
Looking ahead, the company is confident in the outlook for the full year as it said its primary focus will be to raise awareness of its newly-launched MelodyVR music platform.
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