VR Education release maiden interim results with revenue up 30%

Economy, Technology | Tue 18 Sep | Author – Business & Finance

VR Education raised £6 million when listed on the London and Irish Stock exchange this year

Irish company VR Education today announced its maiden interim results for the six months ended 30 June 2018.  The Waterford-based virtual reality (‘VR’) technology software developer, which is focused on the education space, successfully raised £6 million when it listed on the London Stock Exchange and the Irish Stock Exchange in March of this year. The company reports that Revenue is up 30% to €300k and is on track to meet its full year target, with total revenue figures expected to be heavily weighted towards H2.

Speaking of the results David Whelan, CEO of VR Education said:

We are delighted by the positive response to our successful admission to AIM and the ESM and we are pleased to report that substantial operational progress has been made since admission. We have grown from 20 staff, prior to admission, to 31 staff at the interim reporting date. This includes a number of key strategic hires including our Chief Technical Officer. We have assembled a dedicated and talented team that will enable us to further our ambition and allow us to move forward on the primary goal of the company, which is to bring immersive technology to distance learning, and to transform how people all over the world learn and experience events both past and present.

Operational Highlights H1 2018

  • Apollo 11 VR educational experience selected to be part of the launch collection for Oculus Go, Oculus’ new all-in-one VR headset.
  • Team strengthened with the appointment of key strategic hires including a new Chief Technology Officer.
  • Loren Carpenter, one of the founders of Pixar Animation Studios, appointed as an adviser.

Post Period End Highlights

  • Successful launch in August 2018 of Titanic VR, the Group’s highly anticipated immersive gaming experience, now available to purchase on PC, Oculus Rift, HTC Vive, and Windows Mixed Reality
  • Apollo 11 HD version to be released on PC, Oculus Rift, HTC Vive, and Windows Mixed Reality in early Q4 2018.
  • Successful completion of the “1943: Berlin Blitz” experience in collaboration with BBC and nominated for best Linear Virtual Reality experience at the Venice Film Festival in September 2018.
  • Release of major update to ENGAGE Alpha on 30 July 2018 with significantly increased functionality. This introduced the web application, the user account system, a new avatar system among other major updates.

Speaking of what’s next for one the company, Mr. Whelan said:

This year has been a series of achievements for us and the final quarter of 2018 could be our busiest and perhaps most successful yet. The full release version of our ENGAGE platform will be released later this year.  It aims to fully immerse the user into their learning experience, in order to increase learning retention and engagement. Its aim is to allow people to receive the best education, from the best educators from around the world, all from the comfort of their own home using virtual reality.