Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Location Sciences cuts losses, looks forward to product launch on Bloomberg platform

% of readers think this story is Fact. Add your two cents.

Location Sciences Group PLC (LON:LSAI) said it expects to deliver much reduced full-year losses as it looks forward to launching a new product on the Bloomberg Enterprise Access point.

Chief executive Mark Slade said in a statement the board was “encouraged” by the durability of the data and insight business, which will soon make its debut in the financial services industry.

READ: Location Sciences says potential defamation writ is baseless

The new product will provide financial analysts with access to footfall data and insights for UK supermarkets to assist them to better measure store performance.

The segment is also supplying data to support NHS England and members of the Scientific Pandemic Influenza Group on modelling in their analysis of how the movement of individuals is impacting the reproduction number (R) and growth rate of COVID-19 in the UK.

The location data insight and verification company said the contract wins data and insights business allowed it to grow “modestly” and mitigate the loss of Verify revenues.

In fact, the Verify segment was hit by the pandemic and the anticipated uplift in the fourth quarter did not materialise, with no improvement in the first part of 2021.

It has been a challenging time for location-based advertising within sectors that rely on people’s movement, such as retail and QSR, the AIM-listed firm said.

The outlook for location-based advertising is poor due to the impact of the pandemic on the location-based advertising industry, with mainstream media agencies now focused on media delivery rather than adopting new technologies, especially those which risk-limiting delivery scale such as Verify, it added.

In the year to December 31, Location Sciences expects revenues to drop 12% to £1mln, with Verify down 36% and data and insights up 6%.

However, the cost reduction programme contributed to a 55% cut in underlying losses to £770,000, with cash at year-end of £1mln.

The company also announced that non-executive directors Donald Williams and Niall Hogan are stepping down from the board with immediate effect to save cash.

It added that it is “exploring a number of options” and “further announcements will be made as and when appropriate”.

“Like many businesses, 2020 has been an extremely challenging year for Location Sciences and, disappointingly, has halted the momentum we had gained in our verification business,” said Slade in the update.

“Embracing transparency, which has the side effect of limiting the scale of media delivery, has simply fallen down the priority list for many in the industry.”

“The announcement of a business review is the right thing for us to do for shareholders given the ongoing uncertainty caused by the global pandemic and the board will be evaluating all options open to it.”

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.