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Proxama to change name after 'transformational year'
Investors in mobile location data and intelligence company Proxama were told of how 2017 was a "transformational year" for the company on Wednesday, as they attended the annual general meeting in London.
The AIM-traded firm said the sale of the digital payments division and the successful £3.1m placing and open offer meant the company was now debt free.
"A new management team, including a new chairman, CEO, CFO and chief strategy officer, have completed the restructuring of the company, and the cost base has been radically reduced with administrative costs now running at less than half of their 2017 level," said executive chairman Kelvin Harrison.
"The London and Norwich offices have been relocated to more cost-effective sites and headcount has been reduced substantially to 16 from 60 people at the end of 2016."
As a result, Harrison said the company was "well placed" to pursue its new strategy, focused on the rapidly growing location data market, and he reported that the firm was trading in line with management expectations.
"The company has also set new KPIs for 2018 focused on gathering 30 billion data points with an audience of 10 million consumers, and aims to launch and monetise two new products.
"A resolution will be put to the AGM to change the Company's name to Location Sciences Group, reflecting this new strategy," Harrison explained.
"Subject to shareholder approval, following the AGM, the company will also launch a new website with improved shareholder functionality."
In a separate announcement on Wednesday, Benjamin Chilcott was appointed as a non-executive director of the company, following conclusion of the AGM.
Harrison said Chilcott would bring a "wealth of experience" and relationships with brands, agencies and products.
"The new board is pleased with the progress that the company has already made and we look forward to updating shareholders as our strategy unfolds."