Orders rise at Virtuality

Click to follow
Losses at Virtuality, the virtual reality systems group floated in October, were slightly lower than forecast, at pounds 365,000 in 1993, writes Diane Coyle.

The launch of a second generation of virtual reality games machines in January helped to lift orders in the first quarter 50 per cent ahead of the same period last year.

Virtuality is the world leader in VR games, with 500 machines installed worldwide. It has been approached by potential partners to develop games for home use, and is to increase planned development spending by up to pounds 2m, meaning more losses in 1994.

Virtuality has an agreement with Sega to develop software and at least one VR game for Sega hardware in arcades. New orders have been received from Blockbuster Entertainment in the US, MCA in Japan and from the BBC for a virtual game show later this year.

The US was Virtuality's biggest market last year. To raise its US profile, the company is launching an ADR programme in April, although it will not issue new shares. The shares stayed at 321p.