Location Sciences - Trading Update and Partnership with X-Mode
("Location Sciences" or the "Company")
Location Sciences (AIM: LSAI), the leading location data verification company, is pleased to announce strong progress in Q4 2019 and that it expects to report results for the year ended
· Revenues of approximately
· Revenues for Verify - Location Sciences' proprietary platform - up more than 9 times compared to 2018 (2018:
· More than 100 brands are now using Verify
· Verify has been adopted globally by more 20 media agencies and suppliers
· More than one billion impressions verified to date
· Year-end cash reserves c.
In line with the refined strategy implemented by the Directors in the second half of 2019, measures were taken to reduce the overheads of the business and, consequently, EBITDA is expected to be significantly ahead of market expectations, which is reflected in the enhanced cash reserves at year end.
Commenting on the Company's trading performance,
Location Sciences is also pleased to announce that it has agreed to a global data partnership with X-Mode, the foremost location data provider globally. This follows the decision by the Board to focus the Company and its resources on Verify, thereby maximising the Company's growth potential in the next few years. The partnership also gives Location Sciences the opportunity to extend its insights product reach internationally, which gives a further opportunity for growth in the foreseeable future.
X-Mode is acquiring Location Sciences' location data collection assets for a consideration of up to
X-Mode is a leading global provider of location data and following the partnership with Location Sciences becomes the largest provider of GDPR compliant location data in the
The deal allows Location Sciences to focus on Verify as its sole business going forward, positioning itself as a pure play location verification and insights company, while ensuring access to the largest pool of quality location data globally, giving the Company a distinct competitive advantage in the market place.
For further information please contact:
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via Milk & Honey PR
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Shore Capital (Nominated Adviser and Broker)
Tel: +44 (0)20 7408 4090
Milk & Honey PR
Tel: +44 (0)20 3637 7310
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Location Sciences is the pre-eminent global location verification provider to the
The digital advertising market place remains unregulated and un-monitored, with an estimated
X-Mode is creating the new standard for accuracy and transparency in location data, bridging gaps in the industry by building the world's largest, most accurate, first-party privacy-conscious location data panel at scale. Powered by the XDK -- X-Mode's industry-leading location data SDK -- this new standard will improve the entire location data ecosystem, and allow companies to develop disruptive tools built on a foundation of quality data. Whether it is through their suite of popular safety apps, the solutions they offer to data sellers and licensors, or their newly-launched social impact initiative Picket, the company is dedicated to creating a more efficient, just, and sustainable world, and constantly aims to power innovation with quality location.
MRC, a US-based non-profit organisation that manages accreditation for media research and rating purposes, works to ensure that measurement services are valid, reliable, and effective, and that MRC-accredited measurement services meet rigorous standards for quality and accuracy. Gaining MRC's assurance of measurement quality will give Verify users further confident in the product and allow the Company to effectively market the product in the US, where MRC accreditation is required.
This information is provided by RNS, the news service of the
Quick facts: Location Sciences Group PLC
Market Cap: £5.65 m
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