The virtual reality (VR) technology firm reported that revenues for the six months ended 30 June had risen 66% to €300,000, while pre-tax losses were slashed to €1.2mln from €4.1mln.
VRE said it was on track to meet its expectations for the full year, with its new showcase experience Shuttle Commander, due to hit the market in the fourth quarter.
Shuttle Commander, where users can explore missions from the Hubble Space Telescope, is one of multiple VR experiences offered by VRE including the Dam Busters title ‘Raid on the Ruhr’ and an experience of the Apollo 11 moon landings.
Meanwhile, VRE said in an outlook statement that the commercialisation of its core ENGAGE platform, which allows users to create virtual classrooms and meeting rooms, was “gaining momentum”, mainly in the US and Asian markets, despite a “challenging time” in the UK.
Despite the issues in the UK, VRE’s chief executive David Whelan said the company had taken “decisive steps” to resolve the matter and was “well-placed” going forward.
Looking ahead, the company said the VR market was poised for “substantial growth” in 2020 and that it was receiving increased requests from potential corporate customers to produce VR training programmes.
This new business would boost the growth of ENGAGE, with Whelan saying that going forward the group would look to grow the platform and reduce its reliance on showcase experiences.
In a note, analysts at VRE’s house broker Shore Capital said the results indicated that the company was “continuing to build a strong brand” with its VR experiences while also starting to deliver on the commercial potential of ENGAGE.
In mid-morning trading, VRE’s shares were 4% higher at 6.5p.