StockMarketWire.com - Technology company VR Education said group revenue increased by 38% to €1.4 million for the year ended 31 December 2020, driven by a significant increase in new clients and activity on its communications platform Engage.

It said Engage revenue was up 550% to €0.6 million on the previous year following the onset of global lockdowns.

Gross profit increased by 63% to €1 million as gross margin improved as proportion of revenue from Engage increased.

David Whelan, chief executive of VRE, said: "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.’


At 9:41am: [LON:VRE] Vr Education Holdings Plc Ord Eur0.001 share price was 0p at 13p



Story provided by StockMarketWire.com