Technology firm VR Education Holdings has reported higher profits and revenues for the year to the end of December as it signed contracts with 60 new clients during the year.
VR Education said its group revenues rose by 38% to €1.4m from €1m in 2019 driven by a significant increase in new clients and activity on its ENGAGE platform.
It said its gross profit increased by 63% to €1m from €0.6m as gross margin improved as proportion of revenue from ENGAGE increased.
During the year, it agreed partnerships with major organisations, including HTC Corporation, Sky Ireland, Tokyo Global Gateway and Victory XR, which provides VR and AR education solutions.
VR said the Covid-19 pandemic had generated significant demand for its remote and virtual communication solutions,.
It added that its ENGAGE platform was able to provide a more immersive alternative to traditional video-based solutions such as MS Teams and Zoom.
It also saw strong demand for ENGAGE's Virtual Campus and Virtual Office products, which enable users to virtually meet work colleagues or attend company meetings. It was also used for virtual office parties and graduation ceremonies.
David Whelan, CEO of VR Education, said that 2020 was a formative year for the Waterford-based company.
"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," Mr Whelan said.
"In 2020, we successfully commercialised our Virtual Office, Virtual Campus and Virtual Events solutions with a number of multi-national 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," he added.
Mr Whelan said that since the pandemic started, 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," he stated.
"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," he added.