TIDMEXR
RNS Number : 8043H
Engage XR Holdings PLC
01 August 2023
1 August 2023
ENGAGE XR Holdings Plc
("ENGAGE XR" or the "Group")
Pre-Close Trading Update and Notice of Results
ENGAGE XR Holdings Plc , a leading Metaverse / Spatial Computing
technology company is plea sed to provide an update on trading for
the six months ended 30 June 2023. The Group expects to publish its
interim results for the six months ended 30 June 2023 on Monday 11
September 2023.
The Group continues to trade in line with market expectations.
During the six months to 30 June 2022, the Group has continued to
be contracted by new and existing clients to hold significant
events inside its proprietary software platform, ENGAGE.
Financial Highlights:
-- Group revenue continued to grow, with unaudited H1 2023
revenue expected to be c.EUR2.1 million, an increase of 18% on the
prior year (H1 2022: EUR1.8 million)
-- ENGAGE revenue is the main driver of the increase in group
revenue with unaudited H1 2023 revenue expected to be c EUR1.9
million, an increase of 30% on the prior year (H1 2022:
EUR1.5m)
-- ENGAGE revenue comprises 91% of H1 2023 total revenue (H1 2022: 83%)
-- Unaudited gross margin in H1 2023 was 93%, an increase of 12%
on the prior year (H1 2022: 81%)
-- Cash balance at 30 June 2023 of EUR9.4m (30 June 2022:
EUR4.9m) as the Group's cash position was significantly
strengthened following a successful EUR10.5 million (EUR9.9 million
net of expenses) oversubscribed fundraise in February 2023.
Operational Highlights
-- The Group is gaining traction in the US market. 54% of
revenue in H1 2023 has been derived from North America compared to
30% for FY22, following the deployment of the US sales team in
mid-2022
-- A steadily increasing client base with more than 220 active
Enterprise and Education customers at 30 June 2023 (31 December
2022: 190)
-- Ground-breaking concert hosted in ENGAGE in March 2023 by the
renowned international musician, Norman Cook, aka Fatboy Slim (
Highlights Video )
-- Following the launch of Lenovo(TM)'s new ThinkReality(TM) VRX
all-in-one virtual reality (VR) headset in June 2023 the Group
expects the benefits of the Lenovo hardware partnership to start to
be seen in early Q4 2023
Post-period end Highlights:
-- 5,400 user K-12 education license deal signed with a US state
as a pilot programme valued at in excess of EUR300k
-- Successful employee onboarding event run with one of the world's largest banks
David Whelan, CEO, VRE, said: "The first half of 2023 has
demonstrated our continued progress as more companies embrace the
new world of virtual communications, such as extended reality (XR)
/ Spatial Computing and the Metaverse. Our client list is steadily
growing, and we have added more than 30 new customers, including
two leading global banks, as well as seeing an uptick in activity
and spend from our existing users.
"As well as working with large international enterprises, the
very well-received Fatboy Slim concert held in ENGAGE in March
showcased the innovation and flexibility of the platform, with the
potential to open up new revenue streams.
"The XR market is continuing to grow and develop. We have seen
Apple announce plans to launch a headset, Meta is releasing the
Quest 3 later this year, and other providers are also launching new
hardware, including Lenovo, with whom we have a partnership
agreement. With the launch of Lenovo's new enterprise-focused
headset and through our agreement with Lenovo we have increased our
international reach and customer base as we collaborate to target
Lenovo's top 100 customers together.
"Success has been achieved despite the considerable headwinds we
continue to see in the global economy, and we look forward to the
second half of the year with optimism. ENGAGE is growing its
customer base as others in the market are fading, which is
testament to our fantastic team and quality of our product
offering."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU No. 596/2014) which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain
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 (Corporate
finance)
Sunila de Silva (ECM)
Shard Capital Partners LLP (Joint Tel: +44 (0) 20
Broker) 7186 9952
Damon Heath / Erik Woolgar
SEC Newgate (Financial Communications) Tel: +44 (xxx
Robin Tozer / Tom Carnegie / Naz engage@secnewgate.co.uk
Zandi
About ENGAGE XR
ENGAGE XR Holdings plc (AIM: EXR) is an extended reality (XR)
technology company focused on becoming a leading global provider of
virtual communications solutions through its new fully featured
corporate metaverse, ENGAGE Link. A demonstration of ENGAGE Link is
https://www.youtube.com/watch?v=ITtz7ErWhMs&t=2s
The Company also has a 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.
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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(END) Dow Jones Newswires
August 01, 2023 02:00 ET (06:00 GMT)
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