Tuesday 19 March 2019

VR Education revenue up in first results since IPO

Sandra Whelan, COO and David Whelan, CEO, Immersive VR Education. Photo: Shane O'Neill, SON Photographic
Sandra Whelan, COO and David Whelan, CEO, Immersive VR Education. Photo: Shane O'Neill, SON Photographic
Ellie Donnelly

Ellie Donnelly

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

The firm's 'Engage' platform, which the group launched in December last year, can be used in schools, universities, and corporate training to teach subjects in a virtual reality environment. The company counts Nokia among its partners.

The Waterford-based group is listed in London and Dublin. It recorded a loss of €1.5m in earnings before interest, taxation, depreciation and amortisation, in what was the first full set of results since its IPO last year.

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

VR has just released a new World War 2 simulation product, 'Raid on the Ruhr'.

"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," said CEO David Whelan.

"The board would like to thank our new and existing shareholders for their support and we look forward to capitalising on significant market opportunities during the course of 2019 and beyond."

Overall, the company reported a €4.5m loss for the year, which included a non-cash fair value loss arising on derivative financial liabilities of €2.6m. The net cash position stood at €3.5m at year-end with no debt.

Joseph Quinn of Davy Stockbrokers said the business is well positioned in a promising sector. "We believe 2019 is building to be a strong year with the commercial release of Engage and a broadening base of retail experiences."

VR floated at €0.13 a share in March last year, shares were €0.12 yesterday.

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