(Alliance News) - Location Sciences Group PLC on Monday said its revenue was affected by a "share of challenges" but reported a narrowed loss amid lower costs.
The London-based location data verification company said pretax loss narrowed to GBP850,578 in 2022 from GBP1.2 million the previous year, partly because administrative costs excluding depreciation and amortisation fell by 9.8% to GBP723,149.
Location Sciences added that its loss was impacted in the second half of 2022 due to a 49% drop in its intangible assets to GBP143,482 as at December 31.
Revenue fell by 34% to GBP110,856 from GBP167,940, which Location Sciences attributed to "continued headwinds".
The company did not declare a dividend for 2022, unchanged from the year before.
Looking ahead, Location Sciences said its strategic initiatives will position it for "long-term success" but added it remains "cautiously optimistic".
Chair Simon Wilkinson said: "While 2022 presented its fair share of hurdles, we are well-funded and strategically positioned for the future. With a solid financial foundation, streamlined operations, and a focus on delivering a new strategic path going forward, we are confident in our ability to create long-term value for our shareholders".
Shares in Location Sciences were down 6.9% at 0.13 pence each in London on Monday afternoon.
By Sabrina Penty, Alliance News reporter
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