Craft beer brewer Moa has posted a its first results as a listed company with the bottom line almost $2 million in the red.
The result is more or less in line with forecasts contained in the firm's pre-IPO prospectus.
The Blenheim-based company reported a net loss of $1.92m for the six months ended March 31, on revenue of $2.45m.
That was largely in line with guidance given in October ahead of the firm's listing on the NZX, with the investment statement forecasting gross earnings of $2.54m and a net loss of $1.91m for the six months.
"We are pretty much bang on track with where we want to be," chief executive Geoff Ross said.
"We are a growth company and top line growth, which illustrates consumer preference and brand strength, is our focus. It remains our key indicator of success."
The financials did not provide a full view of Moa's full year performance or a comparison to the same six-month period a year ago when it was operating as a private company.
On an operating basis, the brewer took in $3.3m in cash flows over the period, but paid out $5.4m to suppliers and employees.
Ross said he expected the company to continue making sales progress both domestically and internationally in the year ahead, particularly in the United States and also China.
Moa reaffirmed its target to hit revenues of $8.6 million at the end of the 2014 year, almost double the target for 2013. A net loss of $2.5m is forecast for the 2014 financial year.
The firm said plans to build a new brewery on its existing site were proceeding through the consent phase, and running behind schedule, but it expected construction to start in the next few months barring any snags.
Moa shares were unchanged today at $1.20, about 7 per cent lower than when they listed six months ago.