VRE.L Share News (VRE)

(Sharecast News) - Virtual reality (VR) technology company VR Education announced on Tuesday that its proprietary software platform 'Engage' has reached the milestone of 100 commercial customers.
The AIM-traded firm said that as a result, monthly revenue from the platform in April was a record €0.2m, bringing total Engage revenue year-to-date to €0.6m.

That was the same amount as the total Engage revenue for the financial year ended 31 December.

Total group revenue, including Showcase revenue, was €0.8m, making for an increase of 300% over the prior year.

Management expectations were that group revenue would be further bolstered by the recent reopening of its 'Apollo 11 VR' US museum installations after a year of closures due to Covid-19.

"Over the last 12 months, we are seeing usage of Engage accelerating week on week," said chief executive officer David Whelan.

"We are ahead of our internal customer acquisition target in the first half of the year, with many customer renewals in the pipeline for the second half.

"Some existing customers are increasing the number of Engage licenses they have, and many are now hosting regular events on the platform."

Whelan said a high proportion of its new customers were established blue-chip companies, adding that Engage was often the first time they had used VR to communicate and collaborate.

"What starts as an initial contact can blossom into long-term partnerships.

"As we grow our service, we expect ENGAGE to become an integral part of the companies' corporate communications strategy."

Overall, the company had an "extremely positive" start to 2021, Whelan said.

"With a steady pipeline of opportunities coming to us directly and through our reseller partnerships, we are confident about making meaningful inroads this year towards achieving our medium-term Engage growth targets."

At 1323 BST, shares in VR Education Holdings were up 1.429% at 16p.