Snakk now the 6th fastest growing company in NZ

Snakk now the 6th fastest growing company in NZ

Edison update continues to value share price at 14-17 cents

AUCKLAND, New Zealand, 7 November 2013 - Snakk Media has been named the 6th fastest-growing business in New Zealand on the Deloitte Fast 50 index.

The NZAX-listed company’s ranking was based on its audited year-on-year growth from the past three years, calculated at 486.3% from 1 April 2011 to 31 March 2013.

Deloitte’s Fast 50 is firmly established as the key barometer for New Zealand’s fastest growing businesses, with companies such as Xero making the list this year. The index was announced last night at a ceremony in Auckland attended by representatives from all of the 50 companies.

“It’s been an exciting three years, with a lot of hard work done by the team,” says Snakk Group CEO Mark Ryan. “We are proud of the company’s growth record, and to place highly in the Fast 50 index is a great reward. Snakk is positioned very well in a rapidly evolving and fast-growing industry. With so much opportunity for us we’re determined to continue growing and establish Snakk as a dominant player in the region.”

Snakk has thus far out-paced 2012 analyst predictions that advertising spend on mobile devices in Australia are forecast to grow by 46% year-on-year over the next five years. The company generates revenue every time an ad is delivered across its networks onto a smartphone or tablet.

A new research update released by Edison Investment Research on 31 October 2013 continues to value the company’s share price at 14-17 cents, the same valuation it issued in July 2013. The October report notes that the rapid adoption of smartphones is dramatically changing media consumption patterns globally, which is not yet reflected in the allocation of marketing dollars into mobiles and tablets.

While the New Zealand Interactive Advertising Bureau’s (IAB) August 2013 report showed the amount spent on mobile advertising in this country represents 1% of the total online advertising spend, this number is projected to reach 23% in the UK by the end of next year. IAB NZ also indicated the biggest growth in online advertising in the second calendar quarter of this year came from mobile advertising, which surged by 73% year-on-year and 15% from the first quarter.

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 primary digital experiences will be with mobile and tablet devices.

ENDS

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