Moa overtakes rival Boundary Road in craft beer market
Craft brewer Moa has narrowed its full-year loss as it overtakes Asahi-owned beer rival Boundary Road in supermarket sales.
The NZX-listed brewery posted a preliminary annual loss of $2.9 million an improvement of 48 per cent on the previous year's $5.6m loss.
Sales increased 43 per cent to 2.5 million litres.
Its shares jumped as much as 7.5 per cent in Thursday morning trading to 71 cents following the news.
Over the past year Moa's share price has increased 92 per cent having fallen as low as 27 cents largely due to an ineffective distribution model which caused headaches for the company and investors shortly after the company listed in November 2012 at $1.25 a share.
The company took its distribution model in house and started producing high volume beer such as its original lager and session pale ale at McCashin's Brewery in Nelson while its higher end beers are produced at its own Marlborough brewery.
Moa said Nielsen supermarket data put Moa original 12 packs and Moa session pale ale 12 packs as the top two selling craft beers in New Zealand by value.
Moa had overtaken Asahi-owned Boundary Rd as New Zealand's third biggest seller of craft beer, behind Lion-produced Macs and DB-produced Monteith's.
The company said new product development was a key focus, with the company recently piloting a session pale ale beer in cans sold in 10 packs, which would be released throughout New Zealand this year.
Cans are lighter than bottles and regarded as safer.
Australia and New Zealand are the craft brewer's key markets with a key partnership with Australian liquor chain Dan Murphy's.
The company also exports to China, Brazil, Singapore and is soon to export to Korea.