Moa appeared to be lost in the beer market, fund manager Brian Gaynor said as he interrogated its board at the listed beer company's annual meeting yesterday on why sales volumes are expected to be 30 per cent behind targets for this year.
The company, which listed on the NZX in November, estimates sales volumes for the 12 months to March 31 next year will be lower than the target of 195,000 cases published in its initial public offer prospectus.
Moa said last week the reduction was largely a result of a sales shortfall in this country, its biggest market by far, accounting for 70 per cent of the brewer's $4.4 million revenue in the 2013 financial year.
The company blames its New Zealand distributor. Moa said yesterday it was changing its distribution model and bringing its sales force back in house.
Chief executive Geoff Ross said the half-year result would bear the brunt of the distribution changeover and that there would be a lull before the company could regain momentum when this new distribution model is implemented from October 1.