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Virtual reality company VR Education technology company reported wider losses as higher cost offset a jump in revenue driven by a 'significant' increase in demand.
For the year ended 31 December 2020, pre-tax losses widened to €2.7 million form €1.9 million, while revenue increased by 38% to €1.4 million.
Its proprietary software platform, Engage, saw revenue up 550% to €0.6 million following the onset of global lockdowns.
Over the medium term 2023-2025 period, the company is targeting €10 million ENGAGE revenue from 500 active enterprise customers and 100,000 monthly users.
'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 comany said.
'The pandemic has been a catalyst in terms of permanently changing the traditional practices and mindsets of companies and organisations towards communication,' it added.
At 8:59am: (LON:VRE) Vr Education Holdings Plc Ord Eur0.001 share price was 0p at 13p