Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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 £850,578 in 2022 from £1.2 million the previous year, partly because administrative costs excluding depreciation and amortisation fell by 9.8% to £723,149.
Location Sciences added that its loss was impacted in the second half of 2022 due to a 49% drop in its intangible assets to £143,482 as at December 31.
Revenue fell by 34% to £110,856 from £167,940, 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.
Copyright 2023 Alliance News Ltd. All Rights Reserved.