23 January 2019
VR Education (AIM: VRE; ESM: 6VR), a leading virtual reality ('VR') technology company focused on the education space, is pleased to provide the following trading update for the year ended 31 December 2018.
Revenue for the year ended 31 December 2018 is expected to be c.€0.7m following the release, on 22 November 2018, of Titanic VR, the Group's showcase Titanic experience on Sony PlayStation. In December 2018, Titanic VR generated revenue of €0.1m which, together with revenues from other showcase experiences and ENGAGE, delivered a record monthly revenue in the month.
Since the full commercial release of ENGAGE, the Group's online virtual learning and corporate training platform, the Group has progressed with the onboarding of Shenandoah University and released additional learning content from Oxford University. In addition, ENGAGE users have held multiple live CPD events using the platform, one of which was part of the event known as 'MIT Hackathon Week' hosted by MIT. As stated in the Group's Admission Document at the time of its IPO, the Directors believe that a key feature of ENGAGE is the ability for educators and trainers to use the software to create their own VR lessons and presentations on ENGAGE using VR tools provided by the Group or third parties through ENGAGE.
VR Education is now actively marketing the ENGAGE platform and is attending the BETT Show in London which takes place from 23-26 January 2019. The BETT conference represents the kick-off event for the Group's marketing team following the successful launch of ENGAGE version 1.0 in December 2018. VR Education will also be attending key events in Dubai and the USA in the coming months demonstrating the platform to industry leaders and professional educators.
Demand for the Group's VR showcase experiences, comprising Apollo 11 VR and Titanic VR, remains in line with management's expectations with new experiences, including Raid on the Ruhr (Dambusters Experience) expected to launch in H1 2019 and Space Shuttle Commander (Working Title) expected in H2 2019.
David Whelan, CEO of VR Education, said:
"With the release of our ENGAGE platform in December 2018 we are very excited for 2019 and beyond. ENGAGE represents the long-term vision of the Group, providing a platform for people globally to build content and share ideas with others. Top quality education is fast becoming the pursuit of the wealthy and we intend to address this with affordable, quality education that is open to all. We are also stepping up everything from production to marketing and attending key EdTech events around the globe, giving demonstrations and talking about our platform.
"This year will also see the release of two new showcase experience titles. The first to be released is based on the famous Dambusters mission and the other allows users to take control of the Space Shuttle for some of its most important missions. Our showcase experiences to date have been an important recruitment tool and revenue generator and we will continue to build titles with small internal teams as we grow ENGAGE into a world leading platform."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
|VR Education Holdings plc
David Whelan, CEO
Sandra Whelan, COO
|Tel: +353 87 665 6708
|Cairn Financial Advisers LLP(Nominated Adviser)
James Caithie / Liam Murray / Richard Nash
|Tel: +44 (0) 20 7213 0880|
|Stockdale Securities Limited(Joint Broker)
Andy Crossley / Richard Johnson
|Tel: +44 (0) 20 7601 6100|
|Davy(Joint Broker & ESM Adviser)
Fergal Meegan / Ronan Veale / Barry Murphy
|Tel: +353 1 679 7788|
|Buchanan(UK Financial PR)
Henry Harrison-Topham / Chris Lane / Tilly Abraham
|Tel: +44 (0)20 7466 5000
|Fuller Marketing(Irish Corporate PR)
Ruth Fuller / Sheila Kelleher
|Tel: +353 87 981 3176
Notes to Editors
VR Education, together with its wholly owned subsidiary, is an early stage VR software and technology group based in Waterford, Ireland, dedicated to transforming the delivery methods of education and corporate training by utilising VR technologies to deliver fully immersive virtual learning experiences. The Group's core focus is the development and commercialisation of its online virtual social learning and presentation platform called ENGAGE, which provides a platform for creating, sharing and delivering proprietary and third-party VR content for educational and corporate training purposes.
In addition to the ongoing development of the ENGAGE platform, the Group has also built two downloadable showcase VR experiences, being the award-winning Apollo 11 VR experience and an early access version of the Group's Titanic VR experience.
On 12 March 2018, VR Education listed on the AIM market of the London Stock Exchange and on the Enterprise Securities Market, a market regulated by Euronext Dublin.
For further information, please visit www.immersivevreducation.com.