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

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news