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

 

Snakk Media lifts 1Q sales, mulls ASX listing

Snakk Media lifts first-quarter sales, mulls ASX listing

By Suze Metherell

Aug. 27 (BusinessDesk) - Snakk Media, which matches advertisers with mobile users, said first quarter sales rose 67 percent and it continues to pursue an ASX listing.

Sales rose to $2 million in the three months ended June 30, from $1.2 million in the same period a year earlier, the Auckland-based company said in a statement. The company generates more than 85 percent of its sales from Australia, and currency fluctuations had crimped sales, it said.

Snakk has hired Australian consultancy Hall Capital to advise it on a potential ASX listing, which it would use to fund its expansion into Asia. It raised $6.5 million in May last year through a share purchase plan and a private placement at 12 cents a share, which it's said will be used for potential acquisitions as the it targets growth. Snakk said it made two investments in smart screen technology companies Moasis Global and Plyfe in the quarter.

"Snakk is now in a position to closely consider the next steps we must take to expand successfully into Asia," said chief executive Mark Ryan. "The could involve listing on the ASX, raising more capital, acquiring companies or continuing to grow fast organically."

In June, the company said it widened its annual loss to $1.89 million in the year ended March 31, from $1.16 million a year earlier.

The shares recently traded at 7.7 cents, and have declined some 40 percent this year. The stock listed New Zealand Alternative Index at 6.5 cents in March 2013 as a compliance listing, meaning no funds were raised at the time, and soared to 29 cents on its first day of trading. It has since dropped some 73 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Petya: New Ransomware Campaign Hits Worldwide

A new ransomware campaign known as Petya is affecting computer networks using Microsoft Windows. It was first seen affecting systems in the Ukraine, but is quickly spreading across other computer networks in Europe. More>>

ALSO:

Skodafone Goneski: Sky TV, Vodafone Drop $3.44 Billion Merger Plan

Sky Network Television and Vodafone New Zealand have terminated their merger agreement which aimed to create the country's largest telecommunications and media group, and have withdrawn an appeal against the Commerce Commission's rejection of the plan. More>>

Quake Insurance: Reforms To EQC Act Announced

· Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
· Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>