Brewer posts $5.8 million loss, but chief executive says distribution change is boosting sales.
Moa Group has turned a corner following a sales slump last year, with a new distribution model driving increased revenue, says chief executive Geoff Ross.
The craft beer brewer reported a net loss of $5.8 million for the 12 months to March 31, up from a $1.9 million loss a year earlier but within the guidance of $5 million to $6 million provided in November.
Moa forecast a loss of $2.5 million for the period in its 2012 listing prospectus, but was forced to scrap many of the projections published in the document following a drop in New Zealand sales - which the company blamed on its former distributor, Treasury Wine Estates - and its subsequent move to a new distribution model. The company said yesterday that sales volumes increased from 40,000 cases in the first six months of the last financial year to 96,300 cases in the second half.
Ross said some of that increase was the result of seasonality - the Christmas period is included in the second half.