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VR Education losses widen on higher costs, but revenue jumps as pandemic fuels demand

Fri, 26th Feb 2021

Virtual reality company VR Education technology company reported wider losses as higher cost offset a jump in revenue driven by a 'significant' increase in demand. For the year ended 31 December 2020, pre-tax losses widened to €2.7 million form €1.9 million, while revenue increased by 38% to €1.4 million. Its proprietary software platform, Engage, saw revenue up 550% to €0.6 million following the onset of global lockdowns. Over the medium term 2023-2025 period, the company is targeting €10 million ENGAGE revenue from 500 active enterprise customers and 100,000 monthly users. 'Following the onset of the pandemic, the shift to remote working, online learning and virtual events led to a significant increase in demand for virtual communications solutions such as ENGAGE,' the comany said. 'The pandemic has been a catalyst in terms of permanently changing the traditional practices and mindsets of companies and organisations towards communication,' it added. At 8:59am: (LON:VRE) Vr Education Holdings Plc Ord Eur0.001 share price was 0p at 13p Story provided by StockMarketWire.com

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