TIDMVRE
RNS Number : 6639G
VR Education Holdings PLC
28 July 2021
28 July 2021
VR Education Holdings PLC
("VRE" or the "Group")
Pre-Close Trading Update
VR Education Holdings plc (AIM: VRE; Euronext Growth: 6VR), a
virtual reality ('VR') technology company, is pleased to provide an
update on trading for the six months ended 30 June 2021. The
Group's interim results for the six months ended 30 June 2021 are
expected to be published on Tuesday, 14 September 2021.
The Board is pleased to announce that VRE continues to trade in
line with market expectations. During the six months to 30 June
2021, the Group has been contracted by new and existing clients for
significant events to be held inside its proprietary software
platform ENGAGE.
Recent highlights include:
-- ENGAGE revenue continuing to accelerate, with unaudited H1
2021 revenue expected to be c.EUR1.25 million, an increase of 84%
on the prior year (H1 2020: EUR0.68 million).
-- ENGAGE revenue comprises 72% of H1 2021 total revenue, an
increase of 39% on the prior year (H1 2020: 33%).
-- Unaudited gross margin 80% in H1 2021, an increase of 10% on the prior year (H1 2020: 70%).
-- ENGAGE reached the milestone of 100 commercial customers as
announced in May 2021, including Abbott Laboratories, KPMG,
MongoDB, and the US State Department as recent additions.
-- Expansion of ENGAGE to the Middle East for the first time
through two commercial agreements in the United Arab Emirates: one
for a global event for 12 international police forces and one for a
commercial license with custom development work.
-- BMW i Motorsport event on 1 July 2021 was hosted on the
ENGAGE platform. The event was the world's first fully immersive
Formula E experience, showcasing the technology, engineering and
drivers of Formula E.
-- A major US multinational client (with a market cap of more
than US$100 billion) has signed a six-figure deal for an event to
showcase its product innovation, history and sustainability
initiatives.
-- Strategic partner HTC Corporation ('HTC') has commenced
selling its ENGAGE product, VIVE Sessions, in China, as part of a
software bundle with HTC's new headset, the VIVE Focus 3, and with
new HP ProBook laptops being sold in the region as announced on 12
May 2021.
-- In June 2021, VRE announced the planned development of a new
fully featured corporate metaverse called "ENGAGE Oasis" with the
launch expected in the first half of 2022
-- Oversubscribed placing announced on 18 June 2021 raising
EUR9.0m (GBP7.7m) before expenses at a price of GBP0.16p per share.
Net cash position of EUR9.2m as at 30 June 2021.
David Whelan, CEO, VRE, 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. We look forward
to updating the market with more details on our performance, and
the development of our corporate metaverse, ENGAGE Oasis, at the
time of our interim results."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
F or further information, please contact:
VR Education Holdings plc Tel: +353 87 665 6708
David Whelan, CEO contact@vreducationholdings.com
Séamus Larrissey, CFO
Sandra Whelan, COO
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213 0880
Adviser)
James Caithie / Liam Murray / Ludovico
Lazzaretti
Shard Capital Partners LLP (Joint Tel: +44 (0) 20 7186 9952
Broker)
Damon Heath / Erik Woolgar
Davy (Joint Broker & Euronext Growth Tel: +353 1 679 6363
Advisor)
Barry Murphy / Lauren O'Sullivan /
Oisin Morgan
SEC Newgate (Financial PR) Tel: +44 (0)7540 106 366
Elisabeth Cowell / Robin Tozer / Isabelle VReducation@secnewgate.co.uk
Smurfit
Notes to Editors:
VR Education (AIM: VRE; Euronext Growth: 6VR) is a virtual
reality ('VR') technology company focused on becoming a leading
global provider of virtual communications solutions through its
proprietary software platform, ENGAGE, ENGAGE provides users with a
platform for creating, sharing, and delivering VR content for
education, training, and online events through its three solutions:
Virtual Campus, Virtual Office, and Virtual Events.
VRE is listed on AIM in London and on the Enterprise Securities
Market, a market regulated by Euronext Dublin. For further
information, please visit: www.vreducationholdings.com
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Group's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Group's control, are difficult to predict,
and could cause actual results to differ materially from those
expressed or forecasted in the forward-looking statements.
The Group cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Group only as of the date
of this announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the
statements are made. The Group will not undertake any obligation to
release publicly any revisions or updates to these forward-looking
statements to reflect events, circumstances, or unanticipated
events occurring after the date of this announcement except as
required by law or by any appropriate regulatory authority.
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END
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