TIDMVRE

RNS Number : 6297L

VR Education Holdings PLC

14 September 2021

14 September 2021

VR Education Holdings plc

('VRE" or the 'Group')

Interim Results

VR Education (AIM: VRE; Euronext Growth: 6VR), a leading virtual reality ('VR') technology company, today announces its unaudited interim results for the six months ended 30 June 2021.

Highlights

   --    Accelerated demand for ENGAGE platform with now over 130 commercial customers 
   --    Revenue increased by 83% to EUR1.25 million (H1 2020: EUR681,000) 

-- Expansion of ENGAGE to the Middle East for the first time through two commercial agreements in the United Arab Emirates: one for a global event for 12 international police forces and one for a commercial license with custom development work

-- Strategic partner HTC Corporation ('HTC') has commenced selling its ENGAGE product, VIVE Sessions, in China, as part of a software bundle with HTC's new headset, the VIVE Focus 3, and with new HP ProBook laptops being sold in the region as announced on 12 May 2021

-- ENGAGE revenue accelerated to EUR0.9 million (H1 2020: EUR0.2 million). ENGAGE revenue comprised 72% of total Group revenue for the period, up from 33% during the same period in 2020

-- Planned continued investment in capabilities widens pre-tax loss to EUR1.3m (H1 2020: pre-tax loss of EUR1.1 million), although EBITDA loss flat at EUR1.0m (H1 2020: loss of EUR0.9m)

-- Oversubscribed placing announced on 18 June 2021 raising EUR9.0m (GBP7.7m) before expenses at a price of 16 pence per share

   --      Net cash as at 30 June 2021 of EUR9.2 million 

-- In June 2021, VRE announced the planned development of a new fully featured corporate metaverse codenamed "ENGAGE Oasis" with the launch expected in the first half of 2022

David Whelan, CEO of VR Education, said: "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. 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. We have seen major developments in the first six months, including the roll-out of our software in China through our partnership with HTC, passing the milestone of 100 commercial customers, and VRE entering new markets, including the Middle East. The development of our new corporate metaverse codenamed ENGAGE Oasis is set to build our product offer further and create even more demand. Our outlook is more exciting than ever as VR comes of age as a business communications tool."

Investor Communications

CEO David Whelan and CFO Séamus Larrissey will provide a live presentation relating to the Group's interim results via the Investor Meet Company platform on 17 September 2021 at 11:00am (UK).

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet VR Education Holdings plc via: https://www.investormeetcompany.com/vr-education-holdings-plc/register-investor

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

- Ends -

For further information, please contact:

 
 VR Education Holdings plc                              Tel: +353 87 665 6708 
  David Whelan, CEO                           contact@vreducationholdings.com 
  Sandra Whelan, COO 
  Séamus Larrissey, CFO 
 
   Cairn Financial Advisers LLP (Nominated               Tel: +44 (0) 20 7213 
   Adviser)                                                              0880 
   James Caithie / Liam Murray / Ludovico 
   Lazzaretti 
 
   Shard Capital Partners LLP (Joint                     Tel: +44 (0) 20 7186 
   Broker)                                                               9952 
   Damon Heath / Erik Woolgar 
 
   Davy (Joint Broker & Euronext Growth                  Tel: +353 1 679 6363 
   Advisor) 
   Barry Murphy / Oisin Morgan / Lauren 
   O'Sullivan 
 
   SEC Newgate (Financial PR)                            Tel: +44 (0)7540 106 
   Elisabeth Cowell / Robin Tozer /                                       366 
   Isabelle Smurfit                              VReducation@secnewgate.co.uk 
 

Notes to Editors

VR Education (AIM: VRE; Euronext Growth: 6VR) is a virtual reality ('VR') technology company focused on becoming a leading global provider of virtual communications solutions through its proprietary software platform, ENGAGE. ENGAGE provides users with a platform for creating, sharing, and delivering VR content for education, training, and online events through its three solutions: Virtual Campus, Virtual Office, and Virtual Events.

VRE is listed on AIM in London and on the Euronext Growth Market, a market regulated by Euronext Dublin. For further information, please visit: www.vreducationholdings.com

Chief Executive's Review

2021 is proving to be a milestone year for VRE, with take-up of the Group's ENGAGE platform accelerating. VRE is focused on becoming a leading global provider of virtual communications solutions through ENGAGE and its three solutions: Virtual Campus, Virtual Office, and Virtual Events.

More and more companies and organisations worldwide have turned to VR as a communication tool to combat 'Zoom Fatigue' and take advantage of the technology's interactivity to host events, meetings and training sessions. This is set to continue as the technology becomes more accessible, and the drive to live more sustainably, and reduce travel, picks up pace.

The number of commercial customers has increased to over 130 since ENGAGE's launch in May 2019. We have also seen significant progress in our roll-out in China through our partnership with HTC.

The metaverse is the next evolution of ENGAGE. Inspired by the VR simulation known as OASIS in the book and film 'Ready Player One', ENGAGE Oasis will be an always-on, fully persistent virtual world, where ENGAGE clients can meet and sell products and services directly to each other.

With ENGAGE Oasis scheduled for launch in 2022 and backed by our successful fundraising, we believe VRE has a very exciting future.

ENGAGE

The significant growth in the commercial use of the Group's ENGAGE platform has been reflected in our revenue. ENGAGE revenue has increased more than four-fold to EUR0.9 million (2020: EUR0.2 million). ENGAGE revenue comprises 72% of total Group revenue up from 33% during the same period in 2020. While VRE sells Showcase Experiences on various VR platforms which perform well, the Group's ENGAGE platform revenue now dominates.

Over the last six months, the uptake of VRE's services demonstrates the broad appeal and versatility of the platform across its three current solutions: Virtual Campus, Virtual Office, and Virtual Events. Major developments include:

-- New customers include Abbott Laboratories, KPMG, MongoDB and the US State Department. A major US multinational client with a market cap of more than US$100 billion signed a six-figure deal for an event to showcase its product innovation, history, and sustainability initiatives. One of the world's leading consumer goods companies (in the world Top 100 companies by revenue) has become an ENGAGE client

-- There have been a number of client renewals. For example, Facebook, an ENGAGE client since August 2020, has renewed its enterprise account and doubled the number of user licences it has since its initial contract.

-- We have seen the expansion of ENGAGE to the Middle East for the first time through two commercial agreements in the United Arab Emirates. One for a global event for 12 international police forces, and one for a commercial licence with custom development work

-- A BMW i Motorsport event was hosted on the ENGAGE platform on 1 July 2021. The event was the world's first fully immersive Formula E experience, showcasing the technology, engineering, and drivers of Formula E.

Development of ENGAGE platform

The Group continues to invest in the development of ENGAGE to improve the user experience and expand its reach. In the last 12 months, we have launched ENGAGE Mobile to support Android phones and tablets and an iOS version to support iPhones and iPads, which allows the ENGAGE audience to attend virtual events without the requirement for a VR headset or device. ENGAGE launched on the Facebook/Oculus Quest Store in November 2020 with Facebook now an official user of the ENGAGE platform using it regularly for customer facing events and meetings. ENGAGE is now available to a global audience including mainland China and is one of only a handful of communications platforms accessible to such a large audience on a range of different devices.

We expect to see ENGAGE supported on new devices from currently unannounced vendors in the future as more social media platforms and hardware manufacturers enter this space. The latest entrant is Tik Tok with its purchase of VR hardware manufacturer, Pico.

ENGAGE Oasis

In June 2021, VRE announced the planned development of a new fully featured corporate metaverse, codenamed "ENGAGE Oasis" - with the launch expected in the first half of 2022.

Development is progressing well. ENGAGE Oasis is planned as a new digital world where businesses, professional users, educators, and digital artists can connect and provide services directly to each other and to the public. It is primarily designed for professional events, team collaboration, remote performances, online subscription services, distance learning and unique art displays.

The goal of ENGAGE Oasis is to provide a framework for corporations and businesses to build their own unique MetaWorlds which are accessible directly by customers.

ENGAGE Oasis provides unparalleled customisation options for users allowing for unique digital spaces to be created easily and linked together in a fully persistent digital world. MetaWorld builders inside ENGAGE Oasis construct the visible locations for users to visit and the rules and laws that govern any given MetaWorld location. As an example, they can set a dress code for their location or provide access to features depending on the visiting user type. MetaWorld Builders can also appoint a moderation team to patrol the location, ensuring a safe environment is maintained where needed.

The app tools within ENGAGE Oasis mean no programmers are needed. ENGAGE Oasis provides a set of templates, making it easy to deploy a customer's personal MetaWorld quickly. They pick the template they want, upload their logo, place the branded items in their MetaWorld, and they are ready to go. Other more in-depth options are being developed to allow simple block construction using a mixture of templated options and 3D objects in templated spaces.

The ENGAGE Oasis marketplace will be open to all users inside the platform. It will have various items for sale and additional services for MetaWorld owners wishing to generate revenue inside the platform. These include digital goods, such as 3D models and avatar clothing, event ticketing where users can set up their own events and sell tickets to other users to attend, and subscriptions, where owners can charge a subscription fee for users to access a location or subscribe to private content they have created. ENGAGE Oasis will receive a commission for the provision of all services within the platform.

ENGAGE Oasis aims to be the spatial services platform for creative builders, innovative brands, exciting educators, and the professional public.

Partnership with HTC

China is the fastest-growing immersive market in the world. Our strategic partner HTC Corporation, a world leader in VR and mobile computing, has commenced selling its ENGAGE product, known as VIVE Sessions in China, as part of a software bundle with HTC's new headset, the VIVE Focus 3 XR. HTC is bundling a three-month free licence for the VIVE Sessions product as part of the VIVE XR Suite with every new VIVE Pro 2 and VIVE Focus 3 device. Furthermore, VIVE Sessions will be included with new HP ProBook laptops being sold in the region, as announced on 12 May 2021.

The VIVE Focus 3 XR is designed for education and enterprise use. HTC expects that it will be one of the most advanced mobile XR devices on the market, providing superior display resolution and processing power, compared to the current other most popular devices.

HTC regularly uses the ENGAGE platform for virtual conferences and virtual meetings. In May, HTC held two live virtual events on the ENGAGE platform, as part of VIVECON and V2EC conferences, and broadcast to a global audience through social media. As a sizeable shareholder, HTC has a strong vested interest in the continued growth of the Group as a whole.

Medium Term Outlook

Based on the strong traction demonstrated by the increased use of the ENGAGE platform and the expanding product range, VRE is making good progress towards its medium-term financial objectives for 2023 - 2025. These were announced in January 2021, and are as follows:

-- Target of reaching EUR10 million annual ENGAGE revenue milestone, 500 active Enterprise customers and 100,000 monthly users during 2023 - 2025:

-- Target only reflects current ENGAGE offering and doesn't reflect huge opportunity from ENGAGE Oasis

   --    Annual ENGAGE revenue CAGR in excess of 100% 

-- 10% average month-on-month increase in users to reach 100,000 monthly users, reflecting a target 500 active Enterprise customers;

   --    Customer retention rate of 80%+; 

-- Growth in average annual contract value to EUR20,000+, reflecting the nature of emerging Enterprise client base and optimal contract value; and

   --    Target Group gross margin in excess of 80% 

Outlook

The first six months have seen the continued growth of ENGAGE, building on the trends of 2020, as more and more companies and organisations around the world see VR as a better way of communicating.

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.

We have seen major developments in the first six months, including the roll-out of our software in China through our partnership with HTC, passing the milestone of 100 commercial customers, and VRE entering new markets, including the Middle East. In addition, the development of our new corporate metaverse ENGAGE Oasis is set to build our product offer further and create even more demand.

We have continued to hire new talent, and ahead of the launch of ENGAGE Oasis, we are strengthening our sales operation, with a particular focus on the US.

Our outlook is more exciting than ever as VR comes of age as a business communications tool.

David Whelan

Chief Executive Officer

14 September 2021

Financial Review

Revenue for the half year is up 83% on the prior half year to EUR1,248k (H1 2020: EUR681k), driven by a continued acceleration in revenue from the ENGAGE platform.

ENGAGE revenue as a percentage of total revenue grew significantly in the period and comprised 72% of total revenue in the period (H1 2020: 33%).

EBITDA loss was EUR1.0m comparable to the prior year period (H1 2020: loss of EUR0.9m). The primary cost driver for the EBITDA loss is salary and associated costs, currently approximately EUR0.3m per month.

Loss before tax was EUR1.3m, in line with management expectations, compared to a loss in the prior year of EUR1.1m.

The combination of operating cashflows and capital expenditure in H1 2021 were EUR1.3m compared to just EUR1.0m in H1 2020 . The current cash burn rate, net of revenue received, post period end is approximately EUR0.25m per month but is expected to decline as revenues continue to grow.

At 30 June 2021, the Group had a strong cash position with net cash of EUR9.2m following an oversubscribed placing in June 2021.

Séamus Larrissey

Chief Financial Officer

14 September 2021

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2021

 
                                                    Unaudited       Unaudited 
                                                   Six months      Six months 
                                                        ended           ended 
                                        Note     30 June 2021    30 June 2020 
                                                          EUR             EUR 
 Continuing Operations 
 
 Revenue                                            1,248,441         681,152 
 Cost of Sales                                      (255,869)       (202,982) 
                                               --------------  -------------- 
 
 Gross Profit                                         992,572         478,170 
 
 
 Administrative Expenses                          (2,287,350)     (1,608,415) 
                                               --------------  -------------- 
 
 Operating Loss                                   (1,294,778)     (1,130,245) 
 
 Finance Costs                                        (3,259)         (2,710) 
                                               --------------  -------------- 
 
 Loss before Income Tax                           (1,298,037)     (1,132,955) 
 
 Income Tax Credit                                          -               - 
                                               --------------  -------------- 
 
 Loss for the Year from continuing 
  operations                                      (1,298,037)     (1,132,955) 
                                               ==============  ============== 
 
 
 Loss per share 
 Basic from continuing operations    4   (0.004)   (0.005) 
 
 

Consolidated Statement of Financial Position

As at 30 June 2021

 
                                             Unaudited       Unaudited        Audited 
                                                 as at           as at          as at 
                                          30 June 2021    30 June 2020    31 Dec 2020 
                                  Note             EUR             EUR            EUR 
 Non-Current Assets 
 Property, Plant & 
  Equipment                                     85,043          84,291         83,834 
 Intangible Assets                2            659,437       1,217,679        964,126 
                                               744,480       1,301,970      1,047,960 
 
 Current Assets 
 Trade and other receivables                   610,704         301,100        358,277 
 Cash and short-term 
  deposit                                    9,192,065       3,234,069      2,032,717 
                                             9,802,769       3,535,169      2,390,994 
 
 Total Assets                               10,547,249       4,837,139      3,438,954 
 
 Equity and Liabilities 
 
 Equity Attributable to Shareholders 
 Issued share capital             5            290,101         241,751        241,751 
 Share premium                    5         33,494,550      24,547,516     24,547,516 
 Other reserves                           (11,861,438)    (11,349,684)   (11,337,058) 
 Retained earnings                        (11,727,852)     (8,834,328)   (10,429,815) 
 
 Total Equity                               10,195,361       4,605,255      3,022,394 
 
 Non-Current Liabilities 
 Operating lease liabilities                    12,182          18,984         20,392 
 
 
 Current Liabilities 
 Trade and other payables                      312,122         182,754        357,421 
 Operating lease liabilities                    27,584          30,146         38,747 
                                               339,706         212,900        396,168 
 
 Total Liabilities                             351,888         231,884        416,560 
 
 Total Equity and 
  Liabilities                               10,547,249       4,837,139      3,438,954 
 
 

Consolidated Statement of Changes in Equity

At 30 June 2021

 
                                                       Attributable to Equity Shareholders 
 
                             Share        Share          Other      Retained 
                           Capital      Premium       Reserves      Earnings         Total 
                               EUR          EUR            EUR           EUR           EUR 
                        ----------  -----------  -------------  ------------  ------------ 
 
 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 
                        ==========  ===========  =============  ============  ============ 
 
 
                                                        Attributable to Equity Shareholders 
 
                             Share        Share          Other       Retained 
                           Capital      Premium       Reserves       Earnings         Total 
                               EUR          EUR            EUR            EUR           EUR 
                        ----------  -----------  -------------  -------------  ------------ 
 
 Balance at 1 January 
  2021                     241,751   24,547,516   (11,337,058)   (10,429,815)     3,022,394 
 Loss for the period             -            -              -    (1,298,037)   (1,298,037) 
 Issue of ordinary 
  shares                    48,350    8,947,034              -              -     8,995,384 
 Issue costs                     -            -      (538,060)              -     (538,060) 
 Share option expense            -            -         13,680              -        13,680 
                        ----------  -----------  -------------  -------------  ------------ 
 Balance at 30 June 
  2021                     290,101   33,494,550   (11,861,438)   (11,727,852)    10,195,361 
                        ==========  ===========  =============  =============  ============ 
 

Consolidated Statement of Cash Flows

For six month period ended 30 June 2021

 
                                                         Unaudited     Unaudited 
                                                        Six months    Six months 
                                                             ended         ended 
                                                           30 June       30 June 
                                                              2021          2020 
                                                Note           EUR           EUR 
 Cash Flows from Operating Activities 
 Loss before income tax                                (1,298,037)   (1,132,955) 
 Adjustments to reconcile loss before 
  tax to net cash flows: 
 Depreciation                                               34,225        34,510 
 Amortisation                                              304,688       269,518 
 Finance Costs                                               3,259         2,710 
 Share Option Expense                                       13,680        12,596 
 Movement in Trade & Other Receivables                   (252,427)      (96,196) 
 Movement in Trade & Other Payables                       (45,299)      (10,139) 
                                                      ------------  ------------ 
                                                       (1,239,911)     (919,956) 
 Bank interest & other charges paid                        (3,259)       (2,710) 
                                                      ------------  ------------ 
 
 Net cash used in operating activities                 (1,243,170)     (922,666) 
                                                      ------------  ------------ 
 
 Cash Flows from Investing Activities 
 Purchases of property, plant & equipment                 (35,432)       (2,870) 
 Payments to develop Intangible Assets                           -      (53,464) 
                                                      ------------  ------------ 
 
 Net cash used in investing activities                    (35,432)      (56,334) 
 
 Cash Flows from Financing Activities 
 Proceeds from issuance of ordinary 
  shares                                        5        8,457,324     2,937,872 
 Payment of operating lease liabilities                   (19,374)      (17,655) 
                                                      ------------  ------------ 
 
 Net cash generated from financing 
  activities                                             8,437,950     2,920,217 
                                                      ------------  ------------ 
 
 Net increase in cash and cash equivalents               7,159,348     1,941,217 
 
 Cash and cash equivalents at beginning 
  of period                                              2,032,717     1,292,852 
 
 Cash and cash equivalents at the 
  end of period                                          9,192,065     3,234,069 
                                                      ============  ============ 
 
 

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 2021.

The accounting policies are unchanged from the financial statements for the year ended 31 December 2020. 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 2020, 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 2021.

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 2020, 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 
                                     EUR          EUR 
 Cost or Valuation 
 At 1 January 2021             2,136,231    2,136,231 
 Additions                             -            - 
                        ----------------  ----------- 
 
 At 30 June 2021               2,136,231    2,136,231 
                        ----------------  ----------- 
 
 
 Amortisation 
 At 1 January 2021             1,172,105    1,172,105 
 Charge                          304,689      304,689 
                        ----------------  ----------- 
 
 At 30 June 2021               1,476,794    1,476,794 
                        ----------------  ----------- 
 
 At 30 June 2021                 659,437      659,437 
  At 31 December 2020            964,126      964,126 
                        ----------------  ----------- 
 
 
                                Software 
                          in development 
                                   Costs        Total 
                                     EUR          EUR 
 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               1,217,679    1,217,679 
  At 31 December 2019          1,433,733    1,433,733 
                        ----------------  ----------- 
 

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 EUR304,689 (H1 2020: EUR269,518) 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 2021 (2020: Nil).

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     Half-Year 
                                                     2021          2020 
 
 At 1 January                                   4,298,042     4,465,526 
 Exercised during period                                -     (330,447) 
 Forfeited during period                         (11,111)      (37,037) 
 At 30 June                                     4,286,931     4,098,042 
 
 
 Options outstanding at 30 June 
 Number of shares                               4,286,931     4,098,042 
 Weighted average remaining contractual              1.54    2.33 years 
  life 
 Weighted average exercise price per share       EUR0.030      EUR0.027 
 Range of exercise price                        EUR0.0001     EUR0.0001 
                                               - EUR0.135    - EUR0.135 
 
 Exercisable at 30 June 
 Number of shares                               2,953,842     2,328,003 
 Weighted average exercise price per share       EUR0.030      EUR0.026 
 
 

The expense recognised in respect of employee share based payment expense and credited to the share based payment reserve in equity was EUR13,680 (2020: EUR12,596)

 
 
 

4. Loss per share

 
                                              Unaudited       Unaudited 
                                             Six months      Six months 
                                                  ended           ended 
                                                30 June         30 June 
                                                   2021            2020 
   Loss attributable to equity holders              EUR             EUR 
   of the Group: 
 
 Continuing Operations                      (1,298,037)     (1,132,955) 
 
 
   Weighted average number of shares 
   for Basic EPS                            290,101,146     241,750,955 
 
 
 Basic loss per share from continuing 
  operations                                    (0.004)         (0.005) 
 
 

5. Share Capital

 
                           Number of  Ordinary       Share 
                              shares    shares     premium       Total 
                                           EUR         EUR         EUR 
At 1 January 2021        241,750,955   241,751  24,547,516  24,789,267 
Ordinary Shares Issued    48,350,191    48,350   8,947,034   8,995,384 
At 30 June 2021          290,101,146   290,101  33,494,550  33,784,651 
                         -----------  --------  ----------  ---------- 
 

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.

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