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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.

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