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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END
IR SFLFWDEFSEDU
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