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What3words narrows losses to £31.5m

Chris Sheldrick CEO and co-founder, What3words

Navigation software company What3words has shrunk its losses by nearly £12m according to its latest financial results.

What3words cited fair value adjustment of convertible loan notes for the decrease in post-tax losses, which fell from £43.3m in 2021 to £31.5m in 2022.

The company’s loan notes now stand at £17m, compared to £64m the year before.

In its full-year results, filed on Companies House, What3words said: “The company continues to invest in research and development activities, including the development of new product concepts and integrations for commercial partners and consumer users.”

“Areas of focus in the year have included voice recognition systems and research into further expanding the languages in which what3words is available, with four new languages launched during the year and others under development.”...