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Virtual reality technology company VR Education has announced it expects a 38% rise in full-year revenue for 2020, as its ENGAGE revenue and user base soared, and launched its medium-term financial objectives for the period 2023 to 2025.
The company reported that full-year 2020 revenue is expected to be circa €1.42 million, an increase of 38% on the prior year.
Its ENGAGE revenue and user base rose by 550% and more than 700% respectively, accounting for more than 40% of group revenues.
However, it reported that showcase experience revenues were €400,000 below expectations due principally to COVID-related museum closures in the US.
In its medium-term financial objectives for the period 2023 to 2025, VR Education said it had a target of reaching €10 million annual ENGAGE revenue milestone, 500 active Enterprise customers and 100,000 monthly users.
Chief executive David Whelan said: 'We see 2020 as the seminal year where ENGAGE has started to take off with thanks to many different factors including COVID-19, 5G rollout and standalone VR devices becoming available. 'What is more exciting in the medium to long term is the uptake of ENGAGE on traditional devices such as phones and tablets where we have now enabled support and expect to see significant uptake throughout 2021 and beyond.'
At 9:30am: (LON:VRE) Vr Education Holdings Plc Ord Eur0.001 share price was 0p at 13p