StockMarketWire.com - Mobile location data group Location Sciences said it expected to post a first-half loss, even as its revenue rose and it trimmed costs.

Losses at the adjusted earnings before interest, tax, depreciation and amortisation level for the six months through June were around £0.68m, compared to losses of £0.82m on-year.

Revenue had risen 43% to about £0.65m, while administrative expenses were cut 15% to £0.95m to mitigate the impact of Covid-19.

Location Sciences said it had £1.7m cash at the end of June, owing to a recent capital raising and cost cutting.

The company said it believed the cash holding was sufficient for its requirements until the second quarter of 2021.

'While the first half of 2020 was not what anyone had been expecting or indeed hoping for, there are some positive macro trends emerging in our industry,' chief executive Mark Slade said.

Slade noted that large advertising agency Group M last month told customers that location verification was critical to brand safety.

'In the second half of 2020, we expect advertising revenues to return, albeit perhaps not to 2019 levels,' he said.

'However, with a renewed focus on local marketing, something which Location Sciences is ideally positioned to benefit from, I am confident we will emerge from this global crisis as a stronger company and better able to deliver shareholder value.'

At 1:27pm: [LON:LSAI] Location Sciences Group Plc share price was -0.02p at 0.45p



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