REG - Engage XR Holdings - Pre-Close Trading Update and Notice of Results

ENGAGE XR HoldingsAnnouncement

02/08/2022 07:00

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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 €1.76m (H1 2021:
€1.25m)

·    ENGAGE revenue up 62%. Unaudited H1 2022 revenue is expected to be
c.€1.46m (H1 2021: €0.90m)

·    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 €4.9m 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 €300,000 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
(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
(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 6708

 David Whelan, CEO                                              info@engagexr.co

 Séamus Larrissey, CFO

 Sandra Whelan, COO

 finnCap Ltd (Nominated Adviser & Joint Broker)                 Tel: +44 (0) 20 7220 0500

 Marc Milmo/ Seamus Fricker/James Balicki (Corporate Finance)

 Sunila de Silva (ECM)

 Shard Capital Partners LLP (Joint Broker)                      Tel: +44 (0) 20 7186 9952

 Damon Heath / Erik Woolgar

 Davy (Joint Broker & Euronext Growth Listing Sponsor)          Tel: +353 1 679 6363

 Barry Murphy / Lauren O'Sullivan / Oisin Morgan

 SEC Newgate (Financial Communications)                         Tel: +44 (0)7540 106 366

 Robin Tozer / Isabelle Smurfit                                 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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