Business
Pre-Close Trading Update and Notice of Results
Pre-Close Trading Update and Notice of Results.
About this update from Engage Xr Holdings Plc
[{"type":"text","content":"\n\n6 August 2024\n \nENGAGE XR Holdings Plc\n(\"ENGAGE XR\" or the \"Group\")\n \nPre-Close Trading Update and Notice of Results\nENGAGE XR Holdings Plc, a leading immersive technology company, is pleased to provide an update on trading for the six months ending 30 June 2024. The Group expects to publish its interim results for the six months ending 30 June 2024 on Thursday 19 September 2024.\nFinancial Highlights:\n· Group revenue has grown with H1 2024 revenue of c.€2.2 million, an increase of 5% (H1 2023: €2.1 million).\n· In addition, the Group has c.€0.8m of contracted revenue that is due to be recognised in the second half of the year, along with a promising pipeline of opportunities for this period.\n· ENGAGE revenue is the main driver of the increase with revenue in the period of c.€2.1 million, up 11% (H1 2023: €1.9m).\n· ENGAGE revenue comprises 95% of H1 2024 total revenue (H1 2023: 91%)\n· Gross margin in H1 2024 was 89%, down 4% (H1 2023: 93%). This is driven by one off hardware purchases for a key customer in early 2024 and not a permanent reduction in gross margin.\n· EBITDA loss was €1.8m (H1 2023: loss of €2.2m), with Group administrative expenses being largely salary and associated costs.\n· Loss before tax was €1.8m, in line with expectations, compared to a loss in H1 2023 of €2.2m.\n· Cash balance at 30 June 2024 of €5.5m (31 December 2023: €7.9m).\nOperational Highlights\n· The period has seen a continuation of the trends seen in 2023 with Enterprise growth within Corporate Learning & Development seeing further progress.\n· The Group signed a seven-figure contract with a large Middle East-based company in the corporate education, training, and development sector. Working in partnership with PWC Middle East, ENGAGE XR is developing a private MetaWorld for the company to deliver language learning programmes and professional ongoing development.\n· The Group extended its relationship with Bank of America. Having previously signed a contract with the same bank in 2023 for employee onboarding via an event on the ENGAGE platform, the Group was delighted to enter into a further scope of work with the...