The operating loss for the year ended March was exactly as forecast - $3.6 million.
Revenue of $4.4 million was also exactly on guidance, while costs were slightly higher on the back of increased advertising expenditure associated with the New Zealand PGA golf tournament this year and next.
Forsyth Barr broker Haley Van Leeuwen said she was ''somewhat disappointed'' Moa had not been able to beat its prospectus forecasts, but she acknowledged the strength of the New Zealand dollar would not have helped exports.
''Revenue by country was relatively in line, although the United States appears to have had a disappointing period over the past six months. This has been offset by stronger sales from the `rest-of-the-world' segment.''
New Zealand revenue was $3.1 million (forecast $3.11 million); US revenue was $530,000 (forecast $570,000); Australia was $460,000 (on forecast); and the rest of the world was $300,000 ($230,000).
Mrs Van Leeuwen said there was no volume breakdown in the releases and she was looking forward to determining the mix of products - the high-end reserve and estate range versus the low-end original and keg range - that made up the result.
Moa management reiterated the prospectus guidance for $8.6 million revenue in the 2014 financial year. So far, there were purchase orders for 17 containers into the US in the first quarter of the year, compared with 12 for the whole 2013 financial year.
Forsyth Barr had a hold recommendation on Moa shares and a target price of $1.56. Shares last traded at $1.22.
Given the outlook was no different from previous prospectus guidance, Mrs Van Leeuwen did not expect any significant changes to the forecasts.
''Our forecasts are highly sensitive to volume success in the US. It is positive that Moa is achieving its targets at this stage, but we remain cautious and highlight the value risk associated with the failure of the company to deliver on its export objectives.''
Moa chief executive Geoff Ross said in a statement the company raised $16 million last year, largely to build a new craft brewery and fund further offshore growth. A hearing to review the company's plan is scheduled for June 24, in Marlborough.
Subject to resource consent, construction of the new brewery was expected to start within the next few months, Mr Ross said.
''While this is later than planned, we are confident that we have options for the required capacity and flexibility throughout this upgrade to meet our anticipated growth in the current financial year,'' he said.
Key account wins for Moa include Gordon Ramsay's Pub in Las Vegas, Setai Hotel in New York, Quay restaurant in Sydney and the Hong Kong Jockey Club.
