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Snakk Media

FY17 results and revised KOMs

Update | Media | 02 Jun 2017

Snakk Media (SNK) has published its FY17 results and reset its FY18 key operating milestones (KOMs). While revenues were a shade ahead of the prior year, the operating loss widened considerably from NZ$1.0m to NZ$3.3m, reflecting the investment made in repositioning the business. With a broader range of revenue streams and a reduced cost base kicking in more strongly from Q218, financial performance may start to improve. In early May, the Manji Family Trust subscribed at a premium to additional shares to help fund working capital and now holds 17.2% of the equity.

Snakk Media

Loss significantly reduced to near breakeven

Update | Media | 08 Jun 2018

The restructuring initiated in FY17 started to benefit the group in Q218 and Snakk Media finally returned to profit in its second half. Revenues for FY18 were close to the prior year at NZ$10.3m (NZ$10.6m), with increased self-service mobile advertising revenues offset by a decline in business in Southeast Asia (where overheads have been pared back). The cost base in FY19e will be lower with the full-year benefit. The group had year-end cash of NZ$1.1m, just below the current market capitalisation of NZ$1.3m.

Snakk Media

Improved cash performance

Update | Media | 05 Feb 2018

Snakk Media has issued its Q3 KOMs, which are broadly consistent with its full-year targets, with an outperformance of the compensation to revenue ratio and a higher staff turnover than indicated. This figure, though, is highly volatile due to the small numbers involved. The company is still undergoing a review of its capital strategy and the share price is unlikely to recover until the outcome of this is published.

Snakk Media

Self-service growth kicking in

Update | Media | 01 Nov 2017

Snakk Media has issued its Q2 trading update and performance against KOMs. These show signs that it may be turning a corner following restructuring carried out over the past year and the push into self-service. H118 revenue was up 13%, while operating expenses were down 22%. Full interim figures to end-September are scheduled for the end of November. In May 2017, the Manji Family Trust subscribed at a premium to additional shares to help fund working capital, now holding 17.2% of the equity. A strategic review of capital options has yet to be completed.

Snakk Media

Q4 business update

Update | Media | 09 May 2017

Snakk Media (SNK) has estimated annual advertising revenues to March 2017 at NZ$10.6m, a shade ahead of the prior year ($10.5m). As flagged in April's key operating milestone (KOM) updates, Q417 advertising revenues underperformed budget. Market fundamentals remain strongly in favour of mobile advertising. A shift in business model, with a fast-growing self-serve option, is reducing achievable gross margins, although carries a good operating margin. Management has acted to realign costs to reflect this change and additional investment has been made in Australian expansion. The Manji Family Trust has subscribed to additional shares to assist finding working capital and now holds 17.2% of the equity.

Snakk Media

H117 peak investment

Update | Media | 03 Feb 2017

Snakk Media (SNK), which connects brands to mobile audiences, has published its Q317 key operating milestones. These include a premium gross margin of 60%, compared to peers at 40%. This is a little below the company's 62% FY17 target, with the year to date figure also now at 62%. The click-through rate softened slightly to 0.96% from 0.98% in Q217, still well above the mobile industry average (0.62%). Staff turnover at 12% was below the full year guidance of 24%, with the compensation to revenue ratio dropping back under the FY17 target. COO Joel Williams has now taken over the role of CEO, following Mark Ryan's departure in December.

Snakk Media

Investment in expansion

Update | Media | 02 Nov 2016

Snakk Media (SNK), which connects brands to mobile audiences, has published its Q217 key operating milestones. These include a premium gross margin of 61% compared to peers at 40%. This is a little below the company's 62% FY17 target, although the ytd figure of 64% still allows some leeway. The click-through rate ticked up from 0.95% in Q1 to 0.98% in Q2, not far adrift of the FY17 target of 1.00% and well in excess of the industry average (0.62%). Lower staff churn post Q1 and Q2 recruitment has led to an increase in headcount, swelling the compensation to revenue ratio. This should correct as the extra staff give the capacity to drive sales.

Snakk Media

Gross margin expands in Q117

Update | Media | 01 Aug 2016

Snakk Media (SNK), which connects brands to mobile audiences, has announced that its Q117 gross margin was 67%, its highest ever result and well ahead of the annual target for 62%. The gross margin measure is one of four key operating milestones (KOMs) released on a quarterly basis. In addition, at just 12% in Q117, Snakk said it was comfortably inside its full year staff turnover target of 24%. However, the reported compensation to revenue ratio of 46% is higher than the full year target of 42% and the click-through rate of 0.95% for Q1 was a little below the full year target of 1.00%.

Snakk Media

Demonstrating strong fiscal management

Update | Media | 06 Jun 2016

Snakk Media (SNK) has reported a net loss of NZ$0.58m for FY16, down from NZ$4.0m year-on-year. The company delivered a 14.9% increase in revenues y-o-y to NZ$10.5m. Excluding non-cash expensing of staff options, net cash usage for the year was -NZ$0.4m, while net assets increased 66% y-o-y to NZ$4.2m. SNK ended the year with NZ$2.9m in net cash. It has also announced its FY17 key operating milestones (KOMs) and is targeting a gross margin of 62%, a click-through rate of 1.00%, a staff turnover rate of 24% and compensation ratio of 42%.

Snakk Media

Second consecutive EBITDA positive quarter

Update | Media | 29 Feb 2016

Snakk Media has announced its second consecutive quarter of positive EBITDA for FY16 with Q3 EBITDA of NZ$62,662, reducing the year to date net loss to NZ$0.188m. The company also revealed that its Q3 revenues had increased 8% year-on-year to NZ$2.86m, driven by a 244% increase in revenues from its South-East Asian operations, which now account for 15% of the total. On 25 February at a special meeting of shareholders, Snakk Media also secured approval to launch a share sale plan.

Snakk Media

Exceeding targets

Update | Media | 03 Feb 2016

Snakk Media (SNK) has formed a strategic partnership with US mobile ad tech company UberMedia to exclusively distribute its in-app social, interest, and geo-location mobile advertising products in Australia, New Zealand and South-East Asia. The company has announced its key operating milestones (KOMs) for Q316 and demonstrated that it is on track to either exceed or meet its full year target on all four measures. It recently completed a 20-for-one share consolidation and bolstered its board by appointing digital media expert Rob Antulov as non-executive director.

Snakk Media

Upwardly mobile

Update | Media | 07 Dec 2015

Snakk Media (SNK) is a New Zealand-listed facilitator for smart screen advertising. The company is very much in the investment phase of scaling up, expanding its team to support its growing customer base and extending its footprint into South-East Asia. It has now successfully transitioned to the NXT board having raised NZ$2.2m including NZ$0.7m in oversubscriptions. In late November, it reported a substantially reduced H116 net loss of NZ$0.25m o a year-on-year turnaround of NZ$1.94m.