Moa Group has posted positive earnings over the summer quarter, after consistently reporting losses since listing in 2012. The company said it plans “accelerate its gains in the New Zealand craft beer scene through its acquisition of Savor Group.”
“The continued improved performance will see Moa achieve near break-even profitability” in the second half of the March financial year.
“Of course, we’ll also maintain our commitment to leading innovation, working with our sales partner Constellation so as to further boost category growth, and drive the business through to a full year of break-even profitability,” said Moa CEO Geoff Ross.
The purchase of Savor Group is now unconditional following a $3 million share placement at 38 cents per share to private investors, and the confirmation of a banking facility with BNZ.
Moa has had a hard time since going public. The company posted a loss of $2.1 million in the last financial year and a $1.2 million loss in the six months to September 2018. The brewery announced last December that it was looking at purchasing the suite of Auckland restaurants, which it claimed would add $3.6 million in earnings in the first full financial year.
