Location Sciences Group PLC (AIM: LSAI), the leading mobile location data and intelligence expert, is pleased to announce its unaudited interim results for the six months ended 30 June 2018.
Highlights
- Change of name to Location Sciences Group PLC
- Solid commercial traction achieved in all core product areas
- Revenue of £234,307 (H1 2017: £48,952)
- Sales run rate of close to £50k per month and growing
- Gross profit of £141,408 (H1 2017: nil), equating to a 60% gross margin
- Administrative costs reduced by 45% to £1,273,841 (H1 2017: £2,323,574)
- Loss after tax reduced by 56% to £1,046,253 (H1 2017: £2,365,967)
- Raised £412,372 before expenses by way of a placing in June 2018 to provide resources to launch and grow Verify product in the UK
- Further cost savings implemented which will be realised in H2 2018
- Cash balance as at 30 June 2018 of £720,461 (H1 2017: £407,582)
Exceeding KPI targets
- Launched Verify in May 2018 and second new product expected later in 2018
- On target to exceed 10 million consumers by the end of 2018 (7 million at 31 December 2017)
- On target to exceed 30 billion data points by the end of 2018 (14 billion at 31 December 2017)
Significant new hires
- David Rae appointed as CFO in February 2018
- Benjamin Chilcott appointed as a NED in March 2018
- Paul Hayton appointed as CTO in January 2018
- Steve Hanson appointed as CRO in February 2018
Shareholder Communications
In keeping with the Directors’ enhanced communications plan, the Company intends to hold another shareholder event on 30 October 2018. Full details will be announced nearer the time.
Commenting on the results, Mark Slade, Chief Executive of Location Sciences, said: “We have made excellent progress during the six months under review, during which we successfully launched our Verify product and assembled a management team with the necessary skills and experience to drive our future growth. We are also delighted to have met all our KPIs and revenue targets for the period.
The Directors’ believe that our investments in educating the market regarding location data will begin to pay off in the second half of this year, when we expect to further increase our marketing efforts. In addition, we continue to invest in our products and have some significant enhancements planned over the next few months. Alongside our organic growth plan, we have also identified certain acquisition opportunities that would offer strategic benefits to the business. With a strong pipeline and good visibility on our forecast numbers we entered the second half of 2018 with confidence.”
A copy of this announcement and the Company’s interim report are available on the Company’s website, www.locationsciences.ai.
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