Snakk Media sales accelerate in 3Q, signals share purchase plan next month

Monday 25th March 2013

Snakk Media, the latest brainchild of Hyperfactory co-founder Derek Handley, accelerated sales in the third quarter and is planning to raise new funds from existing shareholders next month.

Sales rose to $1.44 million in the three months ended Dec. 31, from $686,000 a year earlier, the Auckland-based company said in a statement. That exceeds the $1.22 million in revenue the mobile advertising company made in the first six months of the financial year.

"In less than two short years, Snakk has achieved significant financial growth with revenue increasing almost 350 percent in our last financial year," Handley said. "The third-quarter results we've announced today show we are continuing our upward growth trajectory."

The company's shares surged on debut earlier this month in the first listing of the year, and last traded at 16 cents apiece. That's up 146 percent from the listing price of 6.5 cents, and values it at $33.1 million.

Snakk signalled a share purchase plan in April to fund expansion aspirations into other markets, growing its sales team, building new technology platforms and looking at other growth opportunities.

The company makes money by aggregating publishers' ad space on mobile devices and matching it to advertisers' demand.

BusinessDesk.co.nz

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