VR Education beats Davy's prediction thanks to Titanic
London and Dublin-listed VR Education has reported revenue of approximately €700,000 in a trading update for the year ended December 31, 2018.
This is "comfortably" above the expectations of Davy Stockbrokers, which had forecast the virtual reality education business would report sales of €600,000.
VR Education's 'Engage' platform can be used in schools, universities, and corporate training to teach subjects in a virtual reality environment.
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.
"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," said Davy analyst Joseph Quinn.
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.
The company counts Nokia among its partners.
"With the release of our Engage platform in December 2018 we are very excited for 2019 and beyond," said VR Education CEO David Whelan.
"Engage represents the long-term vision of the group, providing a platform for people globally to build content and share ideas with others."
The business was set up in 2014 by Mr Whelan and his wife, Sandra. Since then the company has grown to employ a workforce of 34.
In March 2018 it successfully raised £6m (€6.8m) when it listed on the London Stock Exchange and the Irish Stock Exchange.
Looking ahead, the group said this year will see the release of two new titles, in the first and second half of the year.
"Demand for the group's VR showcase experiences Apollo 11 VR and Titanic VR remains in line with management expectations, with new experiences," Mr Whelan added.
The results come on the back of forecasts last week by industry consulting and data group Juniper Research, which predicted revenues from VR-specific games will reach $8.2bn (€7.2bn) by 2023, up from $1.2bn in 2019.