Recent NZAX listing Snakk Media claims jump in revenue
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Mobile advertising company Snakk Media [NZAX: SNK], says it had record revenues from October to December 2012, with a 210% year-on-year from $686,000 to $1.439 million. The figure is not audited, the company says.
No profit or loss figure was given for the quarter (for the year to March 2012, company made a net loss of $610,000 on revenue of $1.99 million).
Snakk also confirmed it will announce the opening date, terms and issue price of its Share Purchase Plan (SPP) in April, subject to NZX approval. The offer will be available exclusively and for a limited time to investors holding Snakk shares prior to the morning the offer opens.
Snakk, cofounded by chairman Derek Handley, listed on the NZX Alternative exchange (NZAX) on March 6.
Its shares were issued at 6.5 cents (valuing the company at just under $25 million) and rocketed as high as 29 cents (for a market cap just under $60 million).
Trading was thin and volatile, however, and the shares quickly sank back to around the 16 cents mark (where they closed yesterday, see chart right.
The company operates by aggregating publishers' ad space on mobile devices and matching it to advertisers' demand.