- Location Sciences said it was 'exploring a number of options' for the company after warning of a 'poor' outlook for location-based advertising.

'Verify, will continue to face a number of trading challenges ... the board is now exploring a number of options for the Company and its businesses and further announcements will be made as and when appropriate,' the company said.

The company said it expected annual revenue to fall as growth in its verify business during the fourth quarter did not materialise.

Unaudited revenue for the year ended 31 December 2020 were expected to be approximately £1.07 million, a decrease of approximately 12% year-on-year.

'The reduction in revenue is due to the ongoing impact of the COVID-19 pandemic on the location-based advertising industry,' the company said.

Verify revenue for the year to 31 December 2020 were £0.32 million, compared to £0.50 million in 2019, a reduction of 36%.

The company said its cost-cutting measures led to unaudited administrative expenses being reduced to approximately £1.50 million for the year, a reduction of 41% on 2019.

Looking ahead, the company warned as a result of the impact of the pandemic, it may now be 'some years' before the location-based advertising industry fully embraces transparency.

'The outlook for location-based advertising is poor due to the overall impact of the pandemic on the location-based advertising industry, with mainstream media agencies now focused on media delivery rather than adopting new technologies, especially those which risk limiting delivery scale such as Verify,' the company said.

At 8:05am: [LON:LSAI] Location Sciences Group Plc share price was 0p at 0.45p

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