Waterford’s virtual reality technology company VR Education Holdings has reported an 83% increase in revenue during the first half of 2021.
The company said accelerated demand for its Engage platform means it now has more than 130 commercial customers. It provides virtual communications that allow users to create, share, and deliver content for educational, training, and online events through the Engage platform.
In recent months, the company has expanded into the Middle East through two trade agreements in the UAE: one for a global event for 12 international police forces and the other for a trade license with jobs in the United Arab Emirates. custom development. It has also partnered with HTC Corporation to sell Engage in China, as part of a software package with HTC’s new virtual reality headset.
As a result, revenues increased during the first half of 2021 to 1.25 million euros compared to 681,000 euros in the same period in 2020. Revenues per share accelerated to 0.9 million euros and they accounted for 72% of the group’s total revenue for the period. However, the planned investment in capacity has extended the company’s pre-tax losses to 1.3 million euros.
“The first six months have seen the continued growth of Engage, based on the trends of 2020, as more and more companies and organizations around the world see virtual reality as a better way to communicate” , said David Whelan, CEO of VR Education. “The pandemic has had a major impact on the use of Engage, which will continue as technology becomes more accessible and the desire to live more sustainably and reduce travel increases the pace.”
“We have seen major developments in the first six months, including the launch of our software in China thanks to our partnership with HTC, passing the milestone of 100 commercial customers and VR Education Holdings entering new markets, including the Middle East “.