Location Sciences Group PLC - London-based location data verification - Pretax loss widens to GBP690,850 in the six months ended June 30 from GBP639,152 a year previous. By comparison, the company had reported a GBP1.1 million pretax loss in the first half of 2019. Revenue falls to GBP277,954 in the recent half from GBP650,385 a year earlier and GBP454,872 two years prior. Says administrative expenses cut by 21% to GBP622,684 from GBP785,066. Continues to review how best to maximise the value of its two core business units, namely location verification and data and insights. It started the review in February.
Chair Simon Wilkinson says: "The board has taken steps to reduce operating costs further. These reductions will begin to be realised in the second half of 2021 and together with our cash resources provide a solid platform from which to leverage the opportunities available to us."
In June, the company gave 12 month notice to its chief executive officer, Mark Slade, and chief financial officer, David Rae. "Both Mark and David will remain as employees and members of the board for as long as is necessary to realise value from the existing businesses," the company says.
Current stock price: 0.48 pence
Year-to-date change: up 39%
By Scarlett Butler; scarlettbutler@alliancenews.com
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