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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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