Location Sciences shares surge as it expands 'Verify' platform

1st May 2019 10:14

(Sharecast News) - Shares in location verification services provider Location Sciences Group were well into the green on Wednesday morning, as its investors gathered for the company's annual general meeting.The AIM-traded firm said 2018 had been a "landmark year", with the completion of its transformation from a digital payments and proximity marketing business into a location intelligence specialist.Its non-executive chairman, Kelvin Harrison, said the company's new management team had been "busy", delivering 519% growth in like-for-like revenues in 2018 as well as developing 'Verify', which he described as the world's first independent and media agnostic location verification tool.Harrison said the board believed Verify would play a "crucial role" in the rapidly-growing global advertising market."This has now been launched in both the UK and US markets with significant progress being made in just a few months," he told shareholders."I was delighted with yesterday's announcement regarding the partnership with SITO Mobile and the launch of our Verify Supply platform."Verify Supply is a natural extension to our existing verification products, providing an independent hallmark of quality to media inventory suppliers with the objective of bringing trust back into the industry."This opens the door to a new revenue stream for the company and will help us to raise awareness of location ad-fraud across the broader market."Harrison said the board was also pleased to announce that Niall Hogan was being appointed as a non-executive director, following the conclusion of the AGM, which he said would bring "first-hand experience" of building a successful verification business in the advertising technology industry."The board is pleased with the progress that the company is making and we look forward to updating shareholders in due course."As at 1017 BST, shares in Location Sciences were ahead 19.3% at 3.4p.