TIDMLSAI
RNS Number : 8380G
Location Sciences Group PLC
30 November 2020
30 November 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Location Sciences Group PLC
("Location Sciences" or the "Company")
New Contract Win, Trading Update and Change of Registered
Office
Location Sciences (AIM: LSAI), the leading location verification
company, is pleased to announce it has signed its second customer,
The Spoken Thought, Inc., to its GeoProtect (Verify Audience)
platform.
The Spoken Thought, Inc. (trading as Mira) is a high value
audience segment supplier to leading brands and media agencies
across the US. It will use the Location Sciences GeoProtect
platform to independently verify audience segments in order to
offer its customers a visibly differentiated premium product
compared to its competitors.
The quality of the data used to build audience segments matters
to brands and agencies and can dramatically impact the performance
of their advertising campaigns. In today's data marketplace,
however, it is virtually impossible for brands and agencies to
distinguish between good and bad quality audience data.
Consequently, Location Sciences' third-party independent
certification is an excellent tool for suppliers of audience
segments to clearly and visibly demonstrate the quality of their
products in this crowded data marketplace.
Location Sciences and Mira have been developing their
partnership throughout 2020 and the signing of this agreement
crystalises an enormous amount of hard work by both parties. The
partnership being entered into now should enable Mira to deliver
more accurate high value audience segments to its customers.
Whilst revenues under this agreement are expected to begin to
accrue to Location Sciences during the remainder of 2020, the main
revenue benefit should become evident in 2021 and beyond.
Mark Slade, CEO, Location Sciences, commented: "Mira's decision
to join a growing set of US suppliers in offering complete
transparency to their customers is a testament to their business
and commitment to high-quality products. This win builds on
excellent work already underway with other suppliers, who are
leveraging our partnership to win new business."
Jon Frangakis, CEO, Mira, added: "Working with Location Sciences
gives us the platform to show our customers the true quality and
accuracy of our audiences. We have been impressed with the
GeoProtect platform and the Location Sciences team, and we look
forward to progressing our partnership in 2021."
Trading Update
Throughout 2020, Verify revenues have been adversely impacted by
significantly reduced advertising spend as a result of Covid-19,
and the UK's second nationwide lockdown in November could not have
come at a worse time for the business. Consequently, the
anticipated pick up in Verify revenues in Q4 2020 (typically the
busiest quarter for location-based advertising) has not
materialised and therefore Verify revenues will be lower than the
Company's expectations.
The directors remain confident in the market opportunity for
Verify and expect revenues to increase from existing customers as
well as new client wins as location-based advertising returns
during the first half of 2021.
The reduced revenue from Verify has been partly offset with
additional revenues secured from Location Science's Insights
products, with new client wins for the Company's market leading
geo-mobility insights, including securing a partnership with the
NHS to help its efforts in fighting the transmission of
Covid-19.
Supporting the NHS
Location Sciences data insights products continue to help to
inform the ongoing response to Covid-19. Through its long-term
partnership with CACI, Location Sciences is supplying data to
support NHS England and members of the Scientific Pandemic
Influenza Group on Modelling (SPI-M) in their analysis of how
movement of individuals is impacting the reproduction number (R)
and growth rate of Covid-19 in the UK.
Location Sciences is pleased to be supporting NHS England -
helping it to understand how people are moving around and exploring
how this may impact the spread of the Covid-19 virus.
Cash Resources Sufficient until 2022
As part of its ongoing efforts to mitigate the impact of
Covid-19, the board has and is taking further measures to reduce
the Company's overheads and seek operational efficiencies where
possible. These actions include moving to remote working in London
and the US and rationalising the Company's new business generation
operations in the US. These actions will lead to the Company having
reduced cash requirements such that the board now believes the
Company has sufficient cash reserves until early 2022. As at 30
November 2020, the Company had cash of approximately GBP1.2
million.
Mark Slade, CEO, Location Sciences, comments: "The new
partnerships developed in 2020 - in challenging circumstances - are
incredibly encouraging. It's pleasing to see high-quality location
data being valued by the advertising industry and beyond, as public
sector bodies realise the impact of movement on society. As we move
towards a new year, we are optimistic that we will continue this
momentum."
Change of Registered Office
With effect from 1 December 2020, the Company's registered
office will be moved to the Company's company secretarial offices
at First Floor, St James House, St James Square, Cheltenham,
Gloucestershire GL50 3PR.
A further update on trading and prospects is expected to be
provided in late January 2021.
For further information please contact:
Location Sciences Group PLC via Milk & Honey PR
Mark Slade, Chief Executive Officer
David Rae, CFO and Commercial Director
Allenby Capital Limited (Nominated Tel: +44 (0)20 3328
Adviser) 5656
David Hart
James Hornigold
Peterhouse Capital (Broker) Tel: +44 (0) 20 7220
Charles Goodfellow 9791
Eran Zucker
Tel: +44 (0)20 3637
Milk & Honey PR 7310
Kirsty Leighton
Jessica Ballinger
About Location Sciences Group PLC:
Location Sciences is the pre-eminent global location
verification provider to the $160 billion digital advertising
industry. Working in partnership with brands, media agencies and
suppliers to reduce ad-wastage and improve the effectiveness of
location-based advertising campaigns.
The digital advertising market-place remains unregulated and
un-monitored, with an estimated $19 billion wasted on ad-fraud in
2018. Location Sciences has developed Verify, the world's first
independent location verification product. Utilising sophisticated
machine learning and pattern recognition technologies, Verify
detects location ad-fraud and shines a light on location data
inaccuracy with the aim of bringing back integrity, transparency
and trust to the market place.
Rule 26 website: www.locationsciencesgroup.ai
Verify website: www.locationsciences.ai
LinkedIn: https://www.linkedin.com/company/locationsciences
Twitter: @LocationSci
About Mira
Mira (also known as The Spoken Thought) are a high value
audience segment supplier to leading brands and media agencies
across the US. In addition, Mira designs, builds, and operates data
sets that make Out of Home media function more like digital media
via its crowd analytics platform. Mira was founded in 2015 by two
brothers, Jonathan and Gabe Frangakis and is based in New York, NY
and Durham, NC.
Website: https://mira.co/
LinkedIn: https://www.linkedin.com/company/the-spoken-thought/
Twitter: @Mira_Analytics
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