Location Sciences Group PLC (LON:LSAI), formerly Proxama, narrowed its first-half loss as revenue jumped, with the mobile location data provider achieving growth across its product portfolio.
The loss before tax came to £1.12mln in the first six months of the year, narrower from £2.24mln last year, and revenue rose to £234,3017 from £48,952.
READ: Proxama shares jump after news of contract renewal in Canada
The company said it met all its key performance targets during the period.
In May, the group launched its mobile location service, Verify, and expects to launch another new product later this year.
The company added that the benefits of cost savings measures taken during the period would be realised in the second half.
“Alongside our organic growth plan, we have also identified certain acquisition opportunities that would offer strategic benefits to the business,” said chief executive Mark Slade.
“With a strong pipeline and good visibility on our forecast numbers we entered the second half of 2018 with confidence."
Shares rose 1.3% to 0.027 in morning trading.
Proxama changed its name to Location Sciences in March after cutting its debt and announcing management changes, including a new chief financial officer, chief strategy officer, chief technology officer and chairman.