Derek Handley's Snakk rakes in $3.7 million in revenue

Derek Handley's Snakk rakes in $3.7 million in revenue

Kiwi mobile advertising company Snakk Media has released its first annual revenue figures since listing on the New Zealand Alternative Exchange (NZAX) earlier this year, raking in $3,654,346 between March 2012 and March 2013 – an 83 percent growth year-on-year.

Snakk chief executive Mark Ryan, who served as the company's executive director throughout last year's financial year, says the listing on the NZAX will allow Snakk to further expand operations.

"Last year the business grew and matured quickly, both from an operational and revenue-generation perspective," says Ryan.

"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."

Snakk founder Derek Handley told Idealog earlier this year that the capital raised from the listing will go towards hiring more people to Snakk's 16-strong team, the majority of which will be sales related.

In May, Snakk launched its first sales office in New Zealand to increase its sales presence in the country.

A spokesperson for Snakk says the company's profits (or losses) and operating expense numbers will be released before 20 June.