Snakk Media boosts revenue by 83pc

Tech entrepreneur Derek Handley. Photo / Chris Gorman

Snakk Media, the listed-technology firm co-founded by New Zealand entreprenuer Derek Handley, boosted its revenue by 83 per cent in year ending March 31 2013.

Snakk, which calls itself a "smart-screen" start-up that helps companies get their advertising in front of smartphone and tablet computer users, recorded revenue of $3,654,346 in its last financial year, based on its unaudited results.

This was up from $1,992,958 for the year ending March 2012.

According to a statement listed to the stock exchange today, the company's fourth-quarter revenues almost doubled, up 94 per cent from same period in 2012.

Snakk listed on the NZAX in March and raised $6.5 million in a recent share purchase plan.

With these funds raised, Snakk chief executive Mark Ryan said the company was "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 expects to release its audited results on or before 20 June.

The company also said today it had been named a "Certified B Corporation", which means it meets a set of "social and environmental performance standards" set out by a non-profit called the B Lab.

According to it's website, B Lab is a "non-profit that serves a global movement of entrepreneurs using the power of business to solve social and environmental problems.

"It's been a great year," said Handley who is also Snakk's chairman.

"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, " he said.