Moa breweries sales nearly double
NZX-listed craft brewer Moa has reported a substantial increase in sales since it took distribution and sales in-house in October last year.
For the quarter ending June 30, 2013, to the same quarter this year, Moa increased sales by 95 per cent from 135,000 litres to 264,000 litres, it said in a trading update.
Moa said it had doubled its market share since taking distribution and sales in-house and now holds the No 4 slot for market share, according AC Nielsen surveys drawn from supermarket sales.
"New Zealand is the priority market for Moa right now," the company said. "It is our own backyard, and the market we must gain a meaningful share in first, before investing more heavily in offshore markets."
Moa shares were up more than 7 per cent in early morning trading to 45 cents.
Moa, which listed in late 2012, will hold its annual meeting in Auckland on Thursday.
The company this year reported a $5.8 million loss for the year to March 31, more than triple its previous annual loss of $1.9m.
It announced in May it had signed a long-term contract to brew at McCashin's Brewery in Nelson.
Moa was given resource consent last year for a $6.1m expansion of its brewery in Jacksons Rd, near Blenheim, but the decision was challenged by opponents, including Marlborough winemaker Cloudy Bay.
A resolution was expected this year.