Shares in mobile advertising technology company, Snakk Media, have fallen today after it announced full year financial results showing strong revenue growth of 92 per cent on the 2013 financial year.
Revenue for the company, co-founded and chaired by entrepreneur Derek Handley, grew from $3.6 million to $7 million this year, however the company has yet to record a profit, with the majority of revenue being re-invested in company growth. The full year unaudited result showed net loss after tax of $1.8 million, however with revenues continuing to grow, chief executive Mark Ryan said he was not too concerned.
"Seeing our growth continue to accelerate so strongly and beat the previous financial years' gains is a fantastic reward. We exceeded our internal forecasts by quite a large margin, with our fourth quarter growth proving to be another record-breaking result." Ryan said.
Snakk shares have fallen today by 13c to 96c.
Business expansion has also seen the company announce the opening of a Singapore-based office to further their growth in the Asian regions, an area Ryan sees as being a gateway for the business.
