Moa hopes Aussie problems solved
Moa's shares have jumped after an announcement that its new distribution model is operating in Australia.
The boutique beer company had faced distribution troubles since early August, resulting in a drop in sales volume.
Moa would be distributing through Australian Liquor Marketers and Independent Liquor Group, the company said. It had sent its first shipments to the Woolworths group.
In September, Moa Brewing took back the sales role for its operations in Australia.
Moa Group posted a $3 million loss for the half-year to September 30.
The result was affected by the change in distributor and lower than expected margins in the New Zealand and the United States markets, the company said.
In October, Moa began distributing products directly through liquor wholesaler Tasman Allied Liquor and third-party logistics providers in New Zealand after it ended its distribution agreement with Treasury Wine Estates.
Moa had also teamed up with former Australian cricketer Shane Warne to develop a beer.
The new brew would be launched tonight, Warne said on Twitter.
Moa's shares recently traded up 7.5 per cent at 72 cents after reaching 74c earlier in the day. They opened at 67c.