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VR Education 's ENGAGE platform builds momentum as world locks down

Snapshot

  • VR Education Holdings Plc's (LON:VRE) focus is not entertainment or gaming but the education sector
  • The firm has released several award-winning VR experiences including Apollo 11 VR, Titanic VR and 1943: Berlin Blitz
  • Showcase will be added to ENGAGE platform where educators and corporate trainers can create their own learning content
VR Education Holdings Plc - VR Education sees increased interest in ENGAGE platform and showcase content

Quick facts: VR Education Holdings PLC

Price: 7.4 GBX

AIM:VRE
Market: AIM
Market Cap: £14.29 m
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What it does

VR Education is focused on the benefits virtual reality can bring to education, with immersion and the remote connection opportunities as key drivers.

The online student market especially will be perfectly suited to the immersion and remote aspects of VR, says CEO Dave Whelan.

Even before its integration into the Oculus Go headset, VR Education’s Apollo 11 experience had already been downloaded more than 120,000 times and generated over €1mln in revenue for the group.

Raid on the Ruhr, for example, allows users to experience the famous 1943 mission first-hand as they fly the Lancaster bomber from the UK to the Ruhr Valley.

 

How it's doing

Revenue in 2019 rose 42% to €1.02mln, though VRE was held back by the delayed launch and lack of availability of standalone VR headsets incorporating the group’s software.

However, this shortage has now been resolved and there was a “clear path” for revenue generation both from ENGAGE and its showcase experiences in the current financial year and beyond, it said.

The company’s underlying (EBITDA) loss for the year was cut to €1.49mln from €1.54mln in 2018, an improvement on market expectations, while its €1.29mln cash balance at the end of the year was also ahead of predictions.

"While it is disappointing to not have grown revenues for [2019] at the pace previously forecasted, we have grown in the year and made significant progress which lays solid foundations for further growth in [2020]”, Whelan said.

HTC collaboration 

In March, VRE started talks over a strategic partnership with Taiwanese electronics firm HTC to distribute its ENGAGE platform globally.

ENGAGE allows users to build and attend classes or meetings in a virtual reality (VR) environment and VRE hosted a virtual conference historically held by HTC in Shenzhen in China. 

Inflexion points

  • Virtual conferencing set for a boost from coronavirus lockdown
  • The company staged a virtual conference for Taiwanese group HTC
  • Speakers were located in China, Taiwan, France, the UK and the US and presented via the ENGAGE platform.
  • The company’s Apollo experience has also been selected by Facebook Inc (NASDAQ:FB) to be part of its Oculus Anywhere programme

 

Blue Sky

Commenting on the deal with Facebook to include ENGAGE on the Oculus software vendor programme, Whelan said ENGAGE was "being developed to meet these business needs providing virtual meeting rooms and training scenarios which save customers time and money” and expected the adoption of VR technology to accelerate “over the next 18 to 24 months”.

 

 

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VR Education dealing with an 'explosion in demand' for its technology

VR Education's (LON:VRE) Dave Whelan tells Proactive London's Andrew Scott they've been inundated with queries from all over the world from event organisers looking to run events within VR given the recent limitations imposed due to the outbreak of coronavirus. ''There's been over 400 major...

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