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Monday 12 February 2018

New-look Proxama confirms progress

LogoAIM-listed Proxama ended an eventful 2017 in a stronger position. Revenues for last year jumped by 75% yoy to £472k, while costs from continuing operations have been slashed and are expected to be down by 50% in 2018. Debt has been cleared. And its shift to a singular focus on the sale of location intelligence products and services was completed with the disposal of its digital payments business last November. Profitability, however, remains a significant challenge, albeit that full year operating losses decreased by nearly 10% yoy to c.£3.7m.

Now under the leadership of a substantially refreshed management team led by Mark Slade, who was promoted to CEO last October, Proxama will soon rebrand as Location Sciences PLC. It believes that its sharper market focus - summed up by its new name -  is already paying dividends. 2017 saw the total number of consumers who have a mobile phone with apps embedded with Proxama's location technology increase by 46% to 7m - ahead of indications given in December (see here). Moreover, the number of data points these produce rose by 180% to 14bn.

As we noted last July, Proxama should be congratulated as it shifts the business away from the model which required a cash-consuming network roll-out and the growth of transactions volume (at wafer-thin commissions). Much still needs to be done, however, in terms of building a portfolio of insight products and refining the necessary algorithms and AI platform. It will also face stiff competition from some much bigger (and richer) data providers. The next twelve months will tell us much about the viability of the new strategy.

Posted by Duncan Aitchison at '09:39' - Tagged: ecommerce   marketing   mobile   analytics   retail   bigdata  

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