Covid-19 Update
23 March 2020
Location Sciences Group PLC
("Location Sciences" or the "Company")
Covid-19 Update
Given the current and rapidly changing developments regarding COVID-19, Location Sciences (AIM: LSAI) provides the following update.
Ways of working
We are a virtual business, operating across four locations globally. All of our systems are in the cloud, with our normal day involving Slack stand ups and Zoom conference calls. We have all been able to adjust to working from home very easily.
Business impact
We are still very small and a large part of our revenues are repeatable licence deals. We are also heavily H2, and specifically Q4, weighted in our forecasts and business plans to take into account seasonal spikes in advertising. The market has, of course, shifted and we are living in uncertain times. In addition, as we work with location advertisers, there will be campaigns that are postponed to later dates. However, we are already seeing new campaigns being launched - for example by companies operating in the pharmaceutical sector. We continue to support our global clients and are continuing to sign new customers up.
R&D
We are an early stage business still in the research and development stage of our product. In many ways, this time allows us to invest in the important engineering work we are undertaking. We are launching an updated version of our platform at the end of April 2020. This will give our customers a clearer picture of how to obtain better value from their location spend and how to drive better performance. This will be needed in the months ahead, as companies look for a competitive edge.
Data for good
As a location data business, with billions of location events, we are exploring how we can use this data (and our data science skills) for good, or wider initiatives we would like to help wherever we can.
EGM Attendance
If you wish to attend the Company's General Meeting convened for 11.00 am on 26 March 2020 via webinar, please register in advance by following this link: https://locationsciences.zoom.us/webinar/register/WN_vNzqXAu9TZmALuHZfvwo4g . After registering, you will receive a confirmation email containing instructions on how to join.
Shareholders will not be able to vote via the webinar, so all shareholders wishing to attend on this basis must vote prior to the General Meeting by submitting a proxy vote by no later than 11.00 a.m. on 24 March 2020. Details of how to appoint a proxy are set out in the Company's circular to shareholders published on 9 March 2020 ("Circular") and available from the Company's website at https://www.locationsciencesgroup.ai/wp-content/uploads/2020/03/March-2020-Circular-and-Notice-of-General-Meeting.pdf
The General Meeting is being held to approve, amongst other things, the Resolutions related to the Company's Placing announced on 6 March 2020.
Mark Slade, Chief Executive Officer, commented "I understand that in these challenging times, communication is paramount. With that in mind, I wanted to share this update on our business operations and reassure our shareholders that their business remains on track to deliver value in 2020".
Terms used in this announcement but not otherwise defined have the meanings given to them in the Circular.
For further information please contact:
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Location Sciences Group PLC |
via Milk and Honey PR |
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Mark Slade, Chief Executive Officer |
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David Rae, Chief Financial Officer |
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Shore Capital (Nomad and Joint Broker) |
Tel: +44 (0)20 7408 4090 |
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Tom Griffiths |
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David Coaten |
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Peterhouse Capital (Joint Broker) Charles Goodfellow Eran Zucker |
Tel: +44 (0) 20 7220 9791 |
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Milk & Honey PR |
Tel: +44 (0)20 3637 7310 |
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Kirsty Leighton |
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Jessica Ballinger |
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The person making this notification on behalf of the Company is David Rae, Chief Financial Officer of the Company.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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