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(Correcting the headline to say revenue has fallen.) 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 its 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.
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