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Irish Virtual Reality Company reports strong performance in 2018

Written by Robert McHugh, on 23rd Jan 2019. Posted in Technology

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Irish company VR Education today announced its trading update for the year ended 31 December 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 2018.

The company reports that Revenue for the year is expected to be in the region of €0.7m following the release of Titanic VR - the Group’s showcase experience which places users as survivors on the Titanic on the night of the sinking - on PlayStation on November 22nd, 2018. December 2018 saw Titanic VR generate revenue of €0.1m which, together with revenues from other showcase experiences and the ENGAGE platform, delivered record revenues for the month. 
 
The results come on the back of forecasts released last week by Juniper Research which predicted revenues from virtual reality (VR) specific games will reach $8.2 billion (€7.2bn) by 2023, up from $1.2 billion in 2019. 
 
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, released additional learning content from Oxford University, and ENGAGE users have held multiple live CPD events using the platform, one of which was part of MIT Hackathon Week hosted by MIT. 

VR Education is now actively marketing the ENGAGE platform and will attend 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. 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. 
 
Commenting on the results, CEO of VR Education, David Whelan said, "It has been a busy year but it’s only going to get busier – and we are grateful for this. The pipeline for the next 12 – 18 months is strong and exciting. This year will also see the release of two new titles. The first to be released is based on the famous ‘Dambusters’ mission, and the other allows users to take control of a space shuttle for some of its most important missions."

He added, "Our showcase experiences to date have been an important recruitment tool and revenue generator and we will continue to build awarding titles with small internal teams as we grow ENGAGE into a world leading platform."

Source: www.businessworld.ie

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