DAVY VIEW

VR Education Holdings (VRE) delivered a solid first half, in line with management expectations. The group’s expanding content library continued to succeed in landing further commercial agreements, paving the way for the monetisation of its ENGAGE platform. As ENGAGE continues to evolve and grow, the group announced the planned release of its newest showcase experience, “Shuttle Commander”, available initially on PlayStation’s VR headset. On the back of VRE’s initial ENGAGE contract and US Rocket and Space Centre agreement, we reiterate our ‘Outperform’ rating