Monday 14 October 2019

Revenue up 15pc in VR Education’s first set of full year results

VR Education – headed up by Sandra Whelan, COO and David Whelan, CEO
VR Education – headed up by Sandra Whelan, COO and David Whelan, CEO
Ellie Donnelly

Ellie Donnelly

London and Dublin-listed VR Education has reported revenue of €716,000 for 2018, a 15pc increase year-on-year.

VR Education's 'Engage' platform can be used in schools, universities, and corporate training to teach subjects in a virtual reality environment. The company counts Nokia among its partners.

It what was the first full set of results for the Waterford-based group, earnings before interest, taxation, depreciation and amortisation was a loss of €1.5m.

The loss was due in part to higher capitalised costs, and was in line with management expectations, according to annual results from the group.

David Whelan, CEO of VR Education, said: "The group has continued to make substantial operational progress since its admission to AIM, in line with the strategy outlined at the time of our IPO.”

Overall, and the group’s result before tax for 2018 was a €4.5m loss, which included a non-cash fair value loss arising on derivative financial liabilities of €2.6m.

The group’s net cash position stood at €3.5m at year-end.

Commenting on the results, Joe Quinn, analyst at Davy Stockbrokers, said: “We believe 2019 is building to be a strong year [for VR Education] with the commercial release of Engage and a broadening base of retail experiences.”

“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,” Mr Quinn added.

VR Education 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.

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