TIDMEXR
RNS Number : 5094U
Engage XR Holdings PLC
02 August 2022
2 August 2022
ENGAGE XR Holdings Plc
("ENGAGE XR" or the "Group")
Pre-Close Trading Update and Notice of Results
ENGAGE XR Holdings Plc, a virtual reality ('VR') technology
company, is pleased to provide an update on trading for the six
months ended 30 June 2022. The Group's interim results for the six
months ended 30 June 2022 are expected to be published on Tuesday
13 September 2022.
The Group is trading in line with market expectations and the
year to date has been one of progress as the Group continues to win
new customers for its proprietary software platform ENGAGE as well
as expanding its relationships with existing clients. The Group's
new Metaverse offering for enterprises - ENGAGE Link - is expected
to launch in Q4 2022.
Financial Highlights:
-- Total revenue for the Group is expected to be EUR1.76m (H1 2021: EUR1.25m)
-- ENGAGE revenue up 62%. Unaudited H1 2022 revenue is expected
to be c.EUR1.46m (H1 2021: EUR0.90m)
-- ENGAGE revenue comprised 83% of H1 2022 total revenue, an
increase of 11% on the prior year (H1 2021: 72%)
-- Unaudited gross margin 81% in H1 2022 (H1 2021: 80%)
-- Net cash of EUR4.9m as at 30 June 2022
Operational Highlights:
Engage
-- New ENGAGE clients year to date include Kuehne + Nagel
International AG, the global transport and logistics company, Kia,
and Natixis. Furthermore, South Korean company D'Carrick Co Ltd
signed a new contract worth EUR300,000 over a three-year period
-- US Partner VictoryXR announced the launch of 10 Metaversities
funded by Meta and built on the ENGAGE platform
-- ENGAGE now has 24/5 customer support with teams in the US,
Australia, and Europe available to help customers. A new improved
version of ENGAGE (v2.3) was launched in July 2022 (Details here :
https://www.youtube.com/watch?v=KQk5FG1Z8xc )
ENGAGE Link
-- Ahead of the launch of ENGAGE Link later this year, HTC and
The Virtual Human Interaction Lab at Stanford University have been
confirmed as launch partners
-- The Group has expanded its US presence ahead of the launch,
including the appointment of Chief Revenue Officer, Richard Allin,
and Director of Marketing, Kyle Horner. ENGAGE XR's sales team is
now strong across USA, Europe, and Asia comprising 10 employees
-- A demonstration of ENGAGE Link is here: https://www.youtube.com/watch?v=ITtz7ErWhMs&t=2s
David Whelan, CEO, ENGAGE XR, said: "ENGAGE has continued its
impressive growth with more new customers embracing the technology
and a continued increase in existing customers using the platform.
A growing number of blue-chip companies are adopting virtual
reality for events, training, and engaging with stakeholders
worldwide. This gives us confidence in the prospects of ENGAGE
Link, our new Metaverse platform set to launch later this year. We
are extremely excited about the interest being shown by major
organisations in our new technology.
"The Metaverse is set to change global business practices and
ENGAGE XR aims to be at the forefront of this revolution."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
For further information, please contact:
ENGAGE XR Holdings Plc Tel: +353 87 665
David Whelan, CEO 6708
Séamus Larrissey, CFO info@engagexr.co
Sandra Whelan, COO
finnCap Ltd (Nominated Adviser & Tel: +44 (0) 20
Joint Broker) 7220 0500
Marc Milmo/ Seamus Fricker/James
Balicki (Corporate Finance)
Sunila de Silva (ECM)
Shard Capital Partners LLP (Joint Tel: +44 (0) 20
Broker) 7186 9952
Damon Heath / Erik Woolgar
Davy (Joint Broker & Euronext Growth Tel: +353 1 679
Listing Sponsor) 6363
Barry Murphy / Lauren O'Sullivan
/ Oisin Morgan
SEC Newgate (Financial Communications) Tel: +44 (0)7540
Robin Tozer / Isabelle Smurfit 106 366
engage@secnewgate.co.uk
About ENGAGE XR
ENGAGE XR Holdings plc (AIM: EXR; Euronext Growth: EXR) is a
virtual reality ('VR') technology company focused on becoming a
leading global provider of virtual communications solutions through
its proprietary software platform, ENGAGE. ENGAGE provides users
with a platform for creating, sharing, and delivering VR content
for education, training, and online events through its three
solutions: Virtual Campus, Virtual Office, and Virtual Events.
ENGAGE is currently developing a new fully featured corporate
metaverse, ENGAGE Link, with the launch expected in the final
quarter of 2022.
EXR is listed on AIM in London and on the Euronext Growth Market
in Dublin, a market operated by Euronext Dublin.
For further information, please visit: www.engagexrholdings.com
(LinkedIn: @Engage XR Holdings plc Twitter: @engage_xr)
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Group's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Group's control, are difficult to predict,
and could cause actual results to differ materially from those
expressed or forecasted in the forward-looking statements.
The Group cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Group only as of the date
of this announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the
statements are made. The Group will not undertake any obligation to
release publicly any revisions or updates to these forward-looking
statements to reflect events, circumstances, or unanticipated
events occurring after the date of this announcement except as
required by law or by any appropriate regulatory authority.
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END
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