What it does
It taps into the US$160bn digital advertising industry, working in partnership with brands, media agencies and suppliers to reduce ad-wastage and improve the effectiveness of location-based advertising campaigns.
Its core product is Verify, the world's first independent location verification product, which detects location ad-fraud and shines a light on location data inaccuracy with the aim of bringing back integrity, transparency and trust to the market place.
Among its clients there are billboard advertiser JCDecaux UK, the world's largest outdoor ad company, and the7stars, the UK’s largest independent media agency which serves huge brands such as Papa Johns and Nintendo.
How it is doing
The sales run rate across July and August exceeded £100,000 and is expected to grow further with the addition of new contracts such as the group’s partnership with big data firm Blis, announced in early September.
The company is also predicting a “further uplift” in sales from existing customers in the fourth quarter as the busy Christmas season boosts demand from advertisers.
Revenues in the six months to 30 June, when Verify was rolled out in North America, saw revenues skyrocketing by 94% to £454,872 compared to the same period in 2018.
Pre-tax losses widened slightly to £1.14mln from £1.12mln.
In September, the AIM-listed firm raised £600,000 by issuing 27.2mln new shares to support the group’s investments in the US market, specifically the growth of its Verify platform, through new hires and additional marketing spend.
What the boss says: Mark Slade, chief executive
"In H2 2019, our focus is on converting more trial participants into 'always-on' contracts, helping brands and agencies to get the most out of location advertising and delivering value to our investors."
- Location Sciences says the digital advertising market place remains unregulated and unmonitored, with an estimated US$19bn wasted on ad-fraud in 2018
- Analysts say it offers a unique verification solution into a mobile advertising market of more than US$145bn
- The company says it laid "solid foundations" to grow Verify globally