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VR Education revenue ‘continuing to accelerate’ amid demand for virtual events
Waterford-based VR Education says revenue from its ‘Engage’ platform is “continuing to accelerate.”
VR Education develops virtual reality (VR) training and education products that make it easier to collaborate on tasks remotely, create content and learn.
Demand for remote working and events, as well as remote learning tools has exploded during the Covid-19 lockdowns.
Revenue generated by the Engage platform expected to be around €1.25m for the first half of this year, an increase of 84pc on the prior year, according to a brief trading update from the company.
VR Education expects to report a gross margin of 80pc for the first half of the year, an increase of 10pc on the prior year.
The company said it has been contracted by new and existing clients for “significant events” to be held inside the Engage software platform.
For the first half of 2021 revenue from Engage made up 72pc of the listed company’s total revenue, up from 39pc in 2020. The platform reached the milestone of 100 commercial customers in May, including Abbott Laboratories, KPMG, MongoDB, and the US State Department.
In addition, a US multinational client (with a market cap of more than $100bn) has signed a six-figure deal for an event to showcase its product innovation, history and sustainability initiatives on the platform.
Last month the company raised €9m in an oversubscribed share placing.
David Whelan, CEO, VR Education, said: "Our performance in the first half of 2021 is testament to the significant progress the group has made.”
“Engage has become a leader in the world of virtual communications shown through our growing customer base of blue-chip enterprise clients. The recent six-figure deal with an existing US multinational client demonstrates the success of our strategy of building long-term partnerships with our customers.”
In January, the firm launched a strategy to achieve a €10m annualised revenue milestone for Engage between 2023 and 2025.
Taiwanese consumer electronics company HTC Corporation invested €3m in VR Education last year, in exchange for a 20pc stake in the Irish business. HTC can have a presence on VR Education's board as long as its stake remains above 10pc.
The deal with HTC includes a strategic partnership for the distribution and licensing of the Engage platform globally.
VR Education raised £6m (€7m) when it listed on the London and Irish stock exchanges in 2018.
The group’s interim results for the six months are due to be released on September 14.
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