5 Jun 2013

No profit yet at Snakk

9:30 am on 5 June 2013

Snakk Media increased its revenue by 83% in the past year but is yet to make a profit.

In the 12 months ending March, Snakk's revenue jumped to $3.65 million, up from almost $2 million the year before.

The tech company is listed on the alternative market and specialises in helping clients advertise on smartphones.

It recently expanded from Australia into New Zealand and opened a sales office in Auckland last month.

Co-founder and chairman Derek Handley says it will continue expanding over the next few years and is forming plans to move into Asia next year.

The company expects revenue to continue to climb but Mr Handley says the company is unlikely to make a net profit for the foreseeable future.

However he says overall he's very happy with the results.

He says the company is growing every quarter, the market itself is expanding and the Snakk brand has achieved increased visibility.