26th Feb 2021 10:26
(Alliance News) - VR Education Holdings PLC on Friday said revenue surged in 2020 amid strong demand for its Engage platform.
The AIM-listed virtual reality technology company said revenue increased by 38% in 2020 to EUR1.4 million, driven by a significant increase in new clients and activity on Engage platform. Engage platform revenue was up to EUR600,000 from EUR100,000 a year earlier.
The Engage communications platform is offered for work collaboration, education, simulated training and virtual events.
The value of Engage subscriptions grew to more than EUR1.8 million, VR Education noted, with average deal size increasing. The company noted that 60 customers signed contracts in 2020.
VR Education said the only hit to results from the Covid-19 pandemic was the closure of all museums and exhibits that had been hosting the company's content on a revenue-sharing basis, costing it about EUR300,000 in 2020.
Despite the revenue lift, pretax loss widened in 2020 to EUR2.7 million from EUR1.9 million, as administrative expenses rose to EUR3.7 million from EUR2.6 million year-on-year. Gross profit rose to EUR1.0 million from EUR622,661.
"Having launched our software platform Engage 13 months earlier, we were well positioned to benefit from the pandemic-driven demand for virtual and remote modes of communication and interaction," said Chief Executive David Whelan.
VR Education shares were up 6.4% in London on Friday at 11.70 pence each.
By Evelina Grecenko; [email protected]
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