Revenue from Waterford-based virtual reality technology company rose 83% to 1.25 million euros during the six months ended June 30, the company said, as it reinforced the adoption of its Engage platform.
The company, which also sells experiences on virtual reality platforms, said Engage’s revenue has increased from € 200,000 in 2020 to € 900,000 during the first six months of 2021 and now accounts for 72% of the group’s revenue.
Engage is a next-generation communications platform that facilitates meetings, events, training and remote learning within virtual reality.
More than 130 customers have signed up for the platform and Engage is expanding to the UAE
Its strategic partner HTC Corporation has begun selling Vive Sessions, an Engage product, in China as part of the Vive 3 headset package and with the sale of new HP ProBook laptops in the region.
“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, executive director of VR Education. “The pandemic has had a major impact on the use of Engage, which will be maintained as technology becomes more accessible and the desire to live more sustainably and reduce travel increases the pace.”
Losses before tax extended to 1.3 million euros, compared to one million euros the previous year, as the company continued to invest in its business.
Its profit before interest, taxes, amortization and amortization losses was fixed at 1 million euros.
The six-month period also saw an oversubscribed placement that raised 9 million euros at a price of 16 pence per share. Net cash at the end of the half-year was 9.2 million euros.
VRE is also developing a new corporate metaverse codenamed “Engage Oasis” and is scheduled to launch in the first half of 2022.
“We have seen great developments in the first six months, including the deployment of our software in China thanks to our partnership with HTC, passing the milestone of 100 commercial customers and VRE entering new markets, including the Middle East,” he said. dir Whelan dit. “The development of our new corporate metaverso with the code name Engage Oasis is designed to increase our product offering and create even more demand. Our perspective is more exciting than ever, as virtual reality comes of age as a business communication tool ”.