Proxama PLC (LON:PROXP) (to be renamed Location Sciences on 21 March) is a mobile location data intelligence business that analyses consumer behaviour using its proprietary location technology. Over the past few months a new management team effected a complete restructuring of the business positioning the company at the forefront of this rapidly evolving part of the wider £5.4bn UK digital media sector.
The company has built a large and growing footprint in terms of consumer reach and monetises its data products in sectors including retail, city and transport planning and financial services as well as media. As at year end 2017, the Location Sciences’ UK consumer base exceeded 7.3m and its data lake had amassed 14bn data points. These market leading figures, combined with the company suite of data products, in our view positions Location Sciences as a leading UK player in this high growth sector.
A business transformed
The business underwent a wholesale restructuring in 2017. The Payments division was divested in October, enabling the group to focus on the more scalable location data and intelligence division – Location Sciences. A new board of directors was established to drive the group’s new strategy, the cost base has been aggressively streamlined and the £3.1m equity raise in July means the group ended the year with net cash of £1.1m, providing a solid foundation for Location Sciences. The company plans to change its name to Location Sciences Group at the AGM on 21 March thus we refer to the company as such throughout the note.
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