IT Brief NZ - Snakk grows annual revenue by 83%

Warning: This story was published more than a year ago.

Snakk grows annual revenue by 83%

Snakk Media has announced annual growth of 83% for the 2012 financial year, in what is the first unaudited year-end financial results since becoming a public company.

The 'smart screen' start-up says revenues from March 2012 to March 2013 increased from $1.9m to $3.6m.

And to top of a strong year, the company ended with fourth quarter revenues almost doubling, increasing 94% year-on-year from $500k to $980k.

Given the results, Snakk has thus far out-paced 2012 analyst predictions stating that advertising spend on mobile devices in Australia are forecast to grow by 46% year-on-year over the next five years.

The lift in revenue coincides with Snakk being named a Certified B Corporation (B Corp), one of the first publicly listed companies in the world to meet the rigorous social and environmental performance standards set out by the internationally recognised non-profit, B Lab.

“It’s been a great year,” says Derek Handley, co-founder and chairman, Snakk.

“We are proud of the company’s results to date, but there is still a huge amount of work to be done.

"Today we are joining hundreds of companies worldwide that are proving that “doing well while doing good” is an increasingly attractive advantage for investors, customers and employees.

“Being a B Corp means embracing the philosophy that Snakk exists to create value for all of our stakeholders beyond our shareholders, and offers greater transparency, accountability and performance on our social and environmental objectives.

"Snakk has been built from the ground up to keep growing this way.”

The year-end results and B Corp certification follow last month’s successful capital raising initiative, where more than 1,200 investors contributed $6.5m through a Share Purchase Plan.

Snakk Group CEO Mark Ryan, who served as executive director throughout last year’s financial year, says the start-up’s ability to rapidly develop in its second year of operation is a fantastic achievement.

“Last year the business grew and matured quickly, both from an operational and revenue-generation perspective,” he says.

“We capped off the end of the year with a strong debut on the New Zealand Stock Exchange and since listing we have welcomed more than 700 new shareholders into the Snakk family.

“With the funds raised from the SPP, we are now in an excellent position to look at opportunities and potential acquisitions that will allow us to scale the business beyond the start-up phase and grab a larger share of the exploding mobile advertising market.”

Ryan says Snakk’s growth strategy is focused on increasing its Australian and New Zealand market share and then expanding geographically into Asia, where analysts predict mobile will play a leading role in efforts to engage consumers, whose first digital experiences will be with mobile devices.

The company expects to release its audited results on or before 20 June.

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