For immediate release
26 October 2018
VR Education Holdings plc
('VR Education' or the 'Group')
VR Education (AIM: VRE; ESM: 6VR), a leading virtual reality ('VR') technology company focused on the education space, provides the following trading update.
While Titanic VR has already launched on PC, Oculus Rift, HTC Vive and Windows Mixed Reality, it is yet to launch on PlayStation, where a significant percentage of sales are expected to be generated. As set out in the interim results announced on 18 September 2018, the PlayStation launch was expected soon thereafter.
The process of on-boarding Titanic VR with PlayStation has taken longer than anticipated and significantly longer than the equivalent on-boarding for Apollo 11, however, the Board remains confident that the Group will be able to sell Titanic VR on PlayStation this financial year.
The Group has reviewed its sales forecasts and believes that, as a result of the above delays, there will an impact on FY-2018 revenues resulting in a significant portion deferred until FY-2019 and, as such, revenues to 31 December 2018 will be materially below expectations. The amount of the shortfall will be determined by the launch date of Titanic VR on PlayStation and how its sales perform. The Group will update the market once there is further clarity regarding timing of the PlayStation release and the resulting impact on revenue.
The Group's main focus remains the development and commercialisation of ENGAGE, its online virtual learning and corporate training platform. The commercial release of ENGAGE with full payment capabilities is progressing to plan and is scheduled to occur before the end of Q4-2018.
The Group has enhanced its sales capability by engaging Mike Boyce, Non-Executive Director, and a highly experienced sales executive in the education space, in a part-time consultancy capacity on business development. Should this appointment turn out to be permanent, then the Group will consider appointing another Independent Non-Executive Director to ensure it remains compliant with the QCA Corporate Governance Code.
Richard Cooper, Non-Executive Chairman of VR Education, said: "We are naturally disappointed that the on-boarding process with PlayStation has taken both longer than expected and longer than we have previously experienced. We understand that large corporates often are very formulaic in the on-boarding process and we are learning from this experience. We remain confident however that Titanic VR will be available on PlayStation by the end of this financial year."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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For further information, please contact:
VR Education Holdings plc
David Whelan, CEO
Sandra Whelan, COO
Tel: +353 87 665 6708
Cairn Financial Advisers LLP (Nominated Adviser)
James Caithie / Liam Murray / Richard Nash
Tel: +44 (0) 20 7213 0880
Shard Capital Partners LLP (Joint Broker)
Damon Heath / Erik Woolgar
Tel: +44 (0) 20 7186 9952
Davy (Joint Broker & ESM Adviser)
Fergal Meegan / Ronan Veale / Barry Murphy
Tel: +353 1 679 7788
Buchanan (UK Financial PR)
Henry Harrison-Topham / Chris Lane / Tilly Abraham
Tel: +44 (0)20 7466 5000
Fuller Marketing (Irish Corporate PR)
Ruth Fuller / Sheila Kelleher
Tel: +353 87 981 3176
Notes to Editors
VR Education, together with its wholly owned subsidiary, is an early stage VR software and technology group based in Waterford, Ireland, dedicated to transforming the delivery methods of education and corporate training by utilising VR technologies to deliver fully immersive virtual learning experiences. The Group's core focus is the development and commercialisation of its online virtual social learning and presentation platform called ENGAGE, which provides a platform for creating, sharing and delivering proprietary and third-party VR content for educational and corporate training purposes.
In addition to the ongoing development of the ENGAGE platform, the Group has also built two downloadable showcase VR experiences, being the award-winning Apollo 11 VR experience and an early access version of the Group's Titanic VR experience.
On 12 March 2018, VR Education listed on the AIM market of the London Stock Exchange and on the Enterprise Securities Market, a market regulated by Euronext Dublin.
For further information, please visit www.vreducationholdings.com.
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