Moa increases sales, cuts losses
Moa Group shares have continued to rise as the company reduces its full-year losses.
The loss has decreased to $2.9 million, down from a loss of about $5.6 million a year earlier, the Auckland-based company said.
The beer company has increased sale volumes and cut operating costs and its chief executive Geoff Ross says most of the improvement only took effect in the second half of the year.
"So we look forward to the benefit of these for the full FY17 year."
Sales rose 35 percent to $8.2 million, although cash decreased to $1.5 million.
The company has changed its strategy to a direct distribution model and outsourced much of its production to McCashin's Brewery in Nelson.
Mr Ross said Moa expects to add South Korea to export markets including Australia, China, Brazil and Singapore. Growth in Australia, its biggest export market, had dramatically increased.
Moa said they were now at number three in the New Zealand craft beer market, with 53 percent growth compared to a category growth rate of 20.8 percent. Its beer also took out first and second place for value against other craft beers in the country.
Shares in Moa have also rebounded since late August last year and traded recently at 66 cents, down from the listing price of $1.25 in late 2012.
Based on shareholder data, Moa is the largest New Zealand owned beer brand in the New Zealand market.