Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Snakk Media lifts 3Q sales rose 58%, high kiwi curbs gains

Snakk Media lifts sales by 58% in 3Q, says high kiwi curbed gains

By Suze Metherell

March 3 (BusinessDesk) – Snakk Media, which matches advertisers with apps and social media, said third-quarter sales rose 58 percent, and would have been even higher if not for the exchange rate with Australia, which accounts for 90 percent of revenue.

Sales were $2.3 million, in the three months ended Dec. 31, including more than $1 million for December, the first month it has exceeded that mark, the Auckland-based company said in a statement. That allowed Snakk to record its first quarterly operating profit, $27,000, which will be reinvested in the business.

Snakk’s sales growth was crimped by the high kiwi against the Australian dollar. Before conversion back into local currency it recorded a 77 percent increase in Australian sales, the company said

The company said it is considering a dual-listing on the Australian stock exchange to reflect the dominance of its trans-Tasman market.

“Our sales operations are profitable,” Mark Ryan, group chief executive told BusinessDesk in an email. “There are good margins in this business, for every ad we target and send to a smartphone or tablet app, game or site, we clip the ticket. We aim to buy for $1, and sell for $2.”

The company listed on the New Zealand stock exchange’s small-cap NZAX at 6.5 cents a share, and reached a high of 29 cents in March 2013. Snakk’s shares fell 8.2 percent to 11.2 cents today and have fallen 58 percent in the past 12 months.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news