Business Irish

Sunday 21 July 2019

Revenue at VR Education 'comfortably' ahead of analysts expectations

CEO David Whelan
CEO David Whelan
Ellie Donnelly

Ellie Donnelly

LONDON and Dublin-listed VR Education has reported revenue of around €700,000 in a trading update for the year ended 31 December 2018.

This is "comfortably" above expectations from Davy Stockbrokers, who had forecast the group would report revenue of €600,000.

The Waterford-based group’s performance was driven by the launch of Titanic VR on Sony PlayStation in November and in turn, record monthly revenues in December.

Since the full commercial release of Engage, the group's online virtual learning and corporate training platform, VR Education has progressed with the onboarding of Shenandoah University in the United States, and released additional learning content from Oxford University. 

David Whelan, CEO of VR Education, said: "With the release of our Engage platform in December 2018 we are very excited for 2019 and beyond."

"Engage represents the long-term vision of the group, providing a platform for people globally to build content and share ideas with others."

The Engage platform can be used in schools, universities, and corporate training to teach subjects in a virtual environment.

"As highlighted in our initiation report, we believe the combination of VR Education's track record, the rapid reduction in VR headset costs and Engage's unique offering positions the company as a leader in the promising educational VR space," Joseph Quinn, analyst at Davy, said.

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