Packaged projects on Vive very jerky, even simple scenes

I’ve just run my sample project (just the UE4 VR Template) whilst viewing the frame timing graph and you can see the rapid, regular spikes on both the CPU and GPU graph. These seem to tally with the regularity of the jerkiness I see on the headset. The jerkiness doesn’t seem to be apparent on the monitor view - just the headset.

I ran the Gnomes and Goblins demo and the frame timing graph is far smoother with no spikes at all.

I have recorded the graph on my iphone and the links are below:-

What do you think?