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Snakk’s 2014 Q1 revenues grow 67% YOY

Snakk’s 2014 Q1 revenues grow 67% YOY

AUCKLAND, New Zealand, 27 August 2014 - Snakk Media Limited (NZAX: SNK) is today announcing first quarter unaudited revenues of $2,007,052 from April to June 2014, representing a 67% increase from the previous year’s corresponding quarter. The year-on-year increase for the first quarter is 95% when the impact of exchange rate fluctuation is taken into account.

Snakk Group CEO Mark Ryan says trading continues to be strong in the New Zealand and Australian markets: “Our Q1 revenue growth has stayed on par with our recent annual results. We exceeded our internal targets and have expanded the sales team across four of our offices to cope with strong market demand.

“We also established a fantastic group executive team who are making a positive difference in all areas of the business. The company is maturing fast and we’re winning market share - it’s very exciting.”

Highlights from the first quarter include:

Establishing a presence in Asia, with the opening of a Singapore office and the appointment of Michael Gooch to lead Snakk’s Southeast Asian operations;

Adding new sales talent to the New Zealand, Sydney, Melbourne and Brisbane offices;

Expanding the Group Executive leadership team to include two new roles: an Ad Operations Technology Manager and a Group Technology Manager;

Making two strategic investments in smart screen technology companies that Snakk will launch in local and Asian markets later this year. The investments in Moasis Global and Plyfe includes the exclusive rights to offer these technologies in selected APAC regions.

Snakk engages Hall Capital for ASX guidance

To accelerate the company’s growth and potential ASX listing plans, Snakk has engaged Hall Capital, a well-known Australian firm offering business strategy and corporate advisory, including capital raising, merger and acquisition, and IPO services. Hall Capital specialise in the media and technology sectors and will develop the requisite capital strategy to ensure success if an eventual ASX listing is to occur.

Hall will also work with Snakk to assess future strategic investments which may include potential mergers or acquisitions in Australia and Asia. Recent Hall clients have included media company Thomson Reuters and Vocus Communications, a telecommunications company it helped list on the ASX, which has since gone on to acquire several businesses in Australia and New Zealand.

“Snakk is now in a position to closely consider the next steps we must take to expand successfully into Asia,” says Mr Ryan. “That could involve listing on the ASX, raising more capital, acquiring companies or continuing to grow fast organically. The appointment of Hall is represents the beginning of our next phase of significant growth."

Snakk will provide an update on the company’s capital strategy and ASX listing plans at its Annual General Meeting for shareholders next month (16 September). The board and management team will also take the opportunity to outline’s Snakk’s strategic growth agenda as well as showcase some of its recent award-winning work.


ENDS

© Scoop Media

 
 
 
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