DAVY VIEW

VR Education’s (VRE) trading update confirms that 2018 revenue is expected to be circa €0.7m. This is comfortably above our forecast of €0.6m, driven by the launch of Titanic VR on Sony PlayStation in November and in turn, record monthly revenues in December. Our initiation report highlighted that 2019 will be an inflection point for the ENGAGE platform, with orders expected to pick up across multiple industry players (Nokia Corporation and Shenandoah University already named as initial partners). The trading update reconfirms management’s commitment to ENGAGE and VRE’s focus on the education and corporate training markets.