Moa chief executive Geoff Ross says the company's poor trading update, which pushed its share price down by as much as 32 per cent this morning, is "outrageously disappointing".
The craft beer maker is forecasting a 30 per cent drop in full-year sales volumes - largely as a result of a sales shortfall in the New Zealand market - from its previous target and is blaming its local distributor, Treasury Wine Estates, for the problem.
Ross said the trading update had "created a hole in the numbers".
"But we're going to move quickly to fix that," he said.
Ross said Moa, which listed on the NZX in November last year, was working towards getting a new New Zealand distributor and "a completely different distribution model" in this country.