In a trading update for the year ended 31 December, VRE’s chief executive David Whelan said standalone devices such as the Oculus Quest VR headset, made by Facebook, will result in VR adoption becoming “more mainstream”, and, as such, the firm will see “strong growth of sales” for its showcase experiences as well as accelerated adoption of its ENGAGE platform, which allows users to create their own simulated environments for teaching or demonstrations.
READ: VR Education boosted as it extends agreement for Apollo 11 experience with US Space and Rocket Center
He added that the company has made “significant progress” during 2019 and laid solid foundations for the year ahead, despite revenues growing at a slower rate than expected.
The firm reported revenue for the period of €1.02mln, up 42% on the prior year, although this was below market expectations and was attributed to the delayed launch and lack of availability of standalone VR headsets incorporating the group’s software.
However, VRE said this shortage has now been resolved and there was a “clear path” for revenue generation both from ENGAGE and its showcase experiences in the current financial year and beyond.
The company’s underlying (EBITDA) loss for the year was cut to €1.49mln from €1.54mln in 2018, an improvement on market expectations, while its €1.29mln cash balance at the end of the year was also ahead of predictions.
"While it is disappointing to not have grown revenues for  at the pace previously forecasted, we have grown in the year and made significant progress which lays solid foundations for further growth in ”, Whelan said.