VRE is focused on becoming a leading global provider of virtual communications solutions through its proprietary software platform, ENGAGE.
Having signed contracts with 60 clients during 2020, the Group’s core focus is on scaling the revenue, client and user base on ENGAGE through three solutions: Virtual Campus, Virtual Office and Virtual Events.
Financial Highlights:
· Group revenue increased by 38% to €1.4 million (2019: €1.0 million) driven by a significant increase in new clients and activity on ENGAGE
· ENGAGE revenue was up 550% to €0.6 million (2019: €0.1 million) following the onset of global lockdowns
· Gross profit increased by 63% to €1 million (2019: €0.6 million) as gross margin improved as proportion of revenue from ENGAGE increased
· Cash position on 31 December 2020 was €2.0 million with no debt
David Whelan, CEO, VRE, said: “2020 was a formative year for VRE. Having launched our software platform ENGAGE 13 months earlier, we were well-positioned to benefit from the pandemic-driven demand for virtual and remote modes of communication and interaction. In 2020, we successfully commercialised our Virtual Office, Virtual Campus and Virtual Events solutions with a number of multinational enterprises and international institutions. We are now focussed on building our sales organisation and partnerships to bring ENGAGE to the broadest possible audience in 2021.
“Following the onset of the pandemic, the shift to remote working, online learning and virtual events led to a significant increase in demand for virtual communications solutions such as ENGAGE. The pandemic has been a catalyst in terms of permanently changing the traditional practices and mindsets of companies and organisations towards communication. At VRE, we can see this change through the diversity of our growing user base which includes large blue-chip companies and leading international organisations, as well as our own behaviour such as hosting all our daily team meetings in VR. The use of virtual communications is only set to grow.”
