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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news