Revenues rise and losses narrow for Location Sciences
Location Sciences Group reported a 43% improvement in its first-half revenue on Tuesday, to £0.65m.
The AIM-traded firm said revenues from its ‘Verify’ product were ahead 39% year-on-year, at £0.16m for the six months ended 30 June.
Administrative expenses were reduced by 35% to £0.79m, while the company managed to narrow its EBITDA loss by 63% to £0.33m.
Cash reserves at period end totalled £1.65m, up from £1.49m at the end of December.
“Although Covid-19 has impacted our short-term revenues from Verify, I'm encouraged by the medium-term strategic partnerships we are working on with key agencies and suppliers, particularly in the US,” said chief executive officer Mark Slade.
“Launching our audience verification platform in the US following successful trials, has been a critical milestone for the business and we are optimistic this will start to have a meaningful impact on revenues in the final quarter of the year.”
At 1215 BST, shares in Location Sciences were down 4.48% at 0.5p.