LONG Longships

TIDMPROX

Proxama PLC

18 December 2017

18 December 2017

Proxama PLC

("Proxama", the "Company" or the "Group")

Progress and Strategy Update

Proxama PLC (AIM: PROX), the leading mobile location and data intelligence expert, is pleased to provide the following progress and strategy update.

The Company announces that it has in place four revenue generating location intelligence products, meeting the KPI it set out in its Final Results announcement on 30 June 2017. The Company is now deploying these products via leading agencies and their clients across various sectors, including retail, telco and automotive, and helping them solve a number of challenges using location data, such as understanding whether their online media spend is driving actual store visits.

Further to the KPIs which were reset in its Interim Results announcement released on 18 September 2017, the Company announces that it has gathered location data from over 6 million consumers, generating over 8 billion data points, exceeding its other two business KPIs (5 milion and 5 billion respectively) and further increasing the value of the location intelligence products that it is selling in the market.

Over the last few months, the Company has also been developing its AI capabilities, hiring sector leading data scientists to deliver first location algorithms for paying customers, whilst its technical team has made significant progress scaling the data infrastructure to handle trillions of data points quickly and efficiently.

Mark Slade, CEO, Proxama, said:

"Since becoming CEO in October 2017, we have made significant progress as we focus solely on the Location Sciences division following the sale of our Payments business. The more I work with the incredible data we have, the more confident I am in its value. The conversations we are having with our customers, both current and prospective, are very positive as they can see how powerful and unique our product is.

"We are focused on delivering further products and insights into the market, and are keeping our business overheads to a minimum. For example, we have taken significant infrastructure and office costs out of the business. My primary focus is on product market fit and ensuring that we are agile enough to respond to this quickly changing market.

"I look forward to providing a pre-close update in January."

Proxama PLC Via Redleaf Communications

Mark Slade, Chief Executive Officer

Stockdale Securities Limited Tel: +44 20 7601 6100

Tom Griffiths

Ed Thomas

Redleaf Communications Tel: +44 20 7382 4769

Charlie Geller

Fiona Norman

This information is provided by RNS

The company news service from the London Stock Exchange

END

NRAEADAXFSNXFAF

(END) Dow Jones Newswires

December 18, 2017 02:00 ET (07:00 GMT)

Longships (LSE:LONG)
Historical Stock Chart
From Oct 2024 to Nov 2024

Longships (LSE:LONG)
Historical Stock Chart
From Nov 2023 to Nov 2024