EVR Holdings delivers first interim results since admission

Virtual reality content creator EVR Holdings announced its interim results for the six months to 30 June on Monday, having successfully listed on AIM on 16 May 2016.

The firm’s listing followed the acquisition of MelodyVR for a total of £5.12m.

Revenue from continuing operations was nil, as in the prior two comparative periods, with the operating loss widening to £1.15m from £0.04m as a result of the acquisition.

The company's subsidiary, MelodyVR, has reportedly entered into “a number of long-term partnerships” since the acquisition, obtaining exclusive recording rights for the creation and distribution of virtual reality content across a total of 47 worldwide event properties and music venues.

MelodyVR has also entered an exclusive licensing agreement with an international major record label, which EVR says will see a number of VR experiences featured exclusively on the MelodyVR platform when launched later this year.

“The board and I are delighted by the positive response to our successful admission to AIM and we are pleased to report that EVR and its subsidiary MelodyVR have made substantial operational progress since admission,” said CEO Anthony Matchett.

“MelodyVR's library of virtual reality music experiences continues to grow and now features performances from over 400 well known recording artists.”

Matchett said given the rapid growth of the VR hardware market and taking into account increasing consumer awareness towards virtual reality technology, it is the board's view that EVR is particularly well placed to exploit the demand for original VR content and programming.

“The board would like to thank our new and existing shareholders for their support and we look forward to capitalising on significant market opportunities over the coming months.”