Listed brewer Moa has slashed its previous annual loss by almost 50% to a $2.9million loss, while increasing revenue and continuing to keep downward pressure on operating costs.
In a release of its preliminary full-year 2016 figures yesterday, the Marlborough-based brewer posted a 35% revenue gain to $8.2million, on the back of a 43% increase in beer sales to 2.49million litres.
Operating costs were down 28% at $4.8million.
Its 2015 the company reported a $5.58million loss.
Moa chief executive Geoff Ross said many of the improvements made to operating costs took effect only in the second half of the trading year.
"So we look forward to the benefit of these for the full-year 2017,'' he said in a statement yesterday.
Cash in hand, compared with the half year, was down $300,000, or 16%, from $1.8million to $1.5million, Mr Ross said.
"The directors continue to monitor the company's cash position, and are comfortable with the capital structure at this stage,'' Mr Ross said.
Shares in Moa are up almost 75% on a year ago and yesterday traded up 3c to 69c, following the announcement.
Of the top five New Zealand craft brands, Moa was the fastest-growing, with 53% growth, compared with the category growth rate of 20.8%, Mr Ross said.
Moa's key export market is Australia.
It also exports to China, Brazil and Singapore, and will also soon be exporting to Korea.
