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Revenue jumps at VR Education to hit €1m, losses continue

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The Waterford-based company develops virtual reality (VR) training and education products that make it easier to collaborate on tasks remotely, create content and learn

The Waterford-based company develops virtual reality (VR) training and education products that make it easier to collaborate on tasks remotely, create content and learn

The Waterford-based company develops virtual reality (VR) training and education products that make it easier to collaborate on tasks remotely, create content and learn

Revenue at VR Education jumped 43pc last year to hit €1m.

The Waterford-based company develops virtual reality (VR) training and education products that make it easier to collaborate on tasks remotely, create content and learn.

Meanwhile, in line with management expectations, the company reported a loss before tax of €1.9m for 2019, down massively on loss of €4.9m the previous year.

Net cash at December 31 was €1.3m and the group had no debt.

Following subscription funds from global tech firm HTC post period end, the company's net cash position is now around €3.4m.

David Whelan, CEO of VR Education, said: "VR Education has positioned itself well in 2019 to identify and overcome many hurdles which had subdued growth to date."

“The availability of standalone devices is of paramount importance to potential customers and, with these now in the market and Engage being platform agnostic, I believe the group is now well placed to become a leader in immersive communications.”

During the year VR Education saw continued sales of Showcase Experiences, the group's award-winning standalone content.

It’s ‘Engage’ platform was selected by Facebook last year to become part of its ISV programme, and its commercial agreement with US Space and Rocket Centre has been extended until this December this year.

Elsewhere, the coronavirus pandemic has, Mr Whelan said, “transformed” the group's fortunes as businesses.

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“Corporations and educational institutes globally are now seeking better alternatives to video-based communications due to limitations with collaborative tasks and the drawbacks of larger group communications via video as a medium,” he said.

Last month the company received a €3m investment from HTC for a 20pc stake in the business.

The deal with HTC includes a strategic partnership for the distribution and licence of VR Education's 'Engage' platform globally. The funds will be used to develop and enhance the company's 'Engage' platform and build its sales and marketing capability, VR Education said at the time.

“Our recently announced strategic partnership and investment from HTC places the group in a strong position to accelerate the global adoption of the Engage platform and create value for shareholders,” Mr Whelan said.

In 2018 VR Education raised £6m (€6.7m) when it listed on the London and Irish stock exchanges.


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