Moa Group, a brewer which has reported losses since listing in 2012, said it posted positive earnings over the summer quarter and is on track to achieve “near break-even profitability” for the six months ending March 31.
Moa achieved “positive” earnings before interest, tax, depreciation and amortisation in the three months ended February, it said in a statement.
In November last year, the Auckland-based company said it was aiming to break-even at the operating level in the six months ended March 31.
The company is now looking to “accelerate its gains in the New Zealand craft beer scene through its acquisition of Savor Group,” Moa said. “The continued improved performance will see Moa achieve near break-even profitability for” the second half of the March 2019 financial year.
The full audited results will be finalised and announced in May, the company said.
Integrating with Savor to develop more venues and maximise synergies is just one part of the company’s plans to further cement their place in the Kiwi craft beer scene, Moa chief executive Geoff Ross said in the statement
“And, 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,” according to Ross.
The acquisition of Savor Group, an Auckland-based bar and restaurant owner, is now unconditional following completion of a $3 million share placement at 38 cents per share to selected private investors, and finalisation of a banking facility with Bank of New Zealand, Moa said.
A rights issue to all Moa shareholders on the same terms as the share placement, which opened on March 18, will close on April 5.
Moa shares were unchanged at 38 New Zealand cents at today’s open.