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VR Education confident in the prospects for its ENGAGE platform

Published: 19:27 29 Jun 2018 AEST

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VR Education Holdings Plc (LON:VRE) reported strong growth in the top-line for its Immersive VR Education business in its first set of results as a listed company.

The company, which is focused on the application of virtual reality technology for the purposes of education, said Immersive VR Education (IVRE) saw revenue from continuing operations in 2017 rise to €624,487 from €255,056.

READ: VR Education to launch Titanic experience upgrade in August​

VR Education Holdings, the holding company, acquired IVRE on 12 March 2018, the same day the holding company listed on AIM.

IVRE made a loss before tax of €623,699 in 2017, compared to a loss of €117,9992 the previous year as administrative expenses rose to €1.08mln from €362,306 in 2016.

The group's core focus is the development and commercialisation of its online virtual social learning and presentation platform, ENGAGE, which provides a platform for creating, sharing and delivering proprietary and third-party virtual reality (VR) content for educational and corporate training purposes.

"The results of IVRE reflect the continuing development of the ENGAGE platform as well as the group's other VR experiences. The board continues to be confident in the future development of VR Education and we look forward to updating the market further when we publish our interim results for the group in the week commencing 17 September 2018," said David Whelan, the chief executive officer of VR Education.

Shares in VR Education Holdings were down 0.3p at 19p.

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