Proxama Ready To Move Forward With New Name After Transformation

LONDON (Alliance News) - Mobile location data and intelligence firm Proxama PLC said at its annual general meeting on Wednesday it is now debt free after a transformational year.

Proxama shares were up 22% on Wednesday at a price of 0.024 pence per share.

Proxama said its new management team, which consists of a new chief executive, chief financial officer, chief strategy officer, and new chairman have completed a restructuring of the firm.

Administrative costs are now less than half the level in 2017, with London and Norwich offices moved the cheaper sites and the headcount slashed to 16 people from 60 at the end of 2016.

Proxama can now push ahead with its new strategy, it said, focusing on the "rapidly growing" location data market, and trading so far this year has been in line with expectations.

It has set new key performance indicators for 2018, aiming to gather 30 billion data points and an audience of 10 million consumers, and it also aims to monetise two new products.

At the meeting on Wednesday Proxama will hold a vote to change its name to Life Sciences Group PLC.

The firm also said Wednesday it has appointed Benjamin Chilcott as a non-executive director, effective immediately. Chilcott co founded management consultancy Concise Consultants Ltd, and has also been chief executive of iris Concise Ltd.