Division Group Plc of Bristol was making reassuring ‘steady-as-she-goes’ noises yesterday in the face of net losses of UKP503,000. The virtual reality company described the figures as in line with expectations. In his statement chairman Iann Barron described sales as satisfactory – sales rose by 92%. Europe saw sales 50% higher at UKP974,000, and they jumped 150% to UKP767,000 in Japan. Barron described the UKP300,000 sales in the US as disappointing, and said Division is now turning its attention across the Atlantic as it attempts to build an effective sales force there. The public placing in London last May raised just over UKP5m after expenses and after paying off its debts and investing in people and equipment it had around UKP3.25m left in the bank at the end of the financial year. Division says it expects to retain its strong cash position throughout the coming year too. The company says quite bluntly that currently the market for virtual reality products is still embryonic, with all those real, large orders from real, large blue-chip companies very much a thing of the future.
