Location Sciences Group PLC - London-based location data verification - Says it will retain access to the necessary skills and resources to enable the ongoing operation of Location Sciences generally, and its Verify business, on a consultancy basis via a third-party contractor. Continues to assess strategic options for its verify business.
Continues to explore options for acquisition candidates. Intends to secure an opportunity which maximises shareholder value and growth in the medium to long term. Notes that the current economic climate and ongoing conflict in Ukraine have made the process "more challenging."
In March, the company said location data and verification "continues to be a challenging space to do business" as revenue for 2021 fell to GBP167,940 from GBP381,572. It also cautioned that the outlook for Verify in the medium term would be challenging, due to privacy related reductions of location data within the digital advertising industry.
Current stock price: 0.19 pence, down 31% on Wednesday
12-month change: down 74%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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