Workplace training specialist Multiverse has posted a year of rapid revenue growth, but losses at the business continued to deepen as investment levels remained high.

The London-based company, founded in 2016 by Euan Blair, reported a 36.3% rise in annual revenues to £79.6 million, up from £58.4m the previous year. 

The growth was driven by rising demand from organisations seeking to use AI and data more effectively to improve productivity.

Despite the strong top-line performance, pre-tax losses widened to £63.3m, compared with £60.6m in the prior year. 

Administrative costs rose sharply from £106.1m to £129.3m as the business continued to invest in its platform, curriculum development and commercial teams. 

As a result, accumulated losses at the company have now reached £178.3m.

Operating losses also increased slightly, moving from £63.7m to £64.6m over the period.