15 Mar 2013

Moa brewery on track to reach sales target of $4.4m

7:08 am on 15 March 2013

The brewer Moa says it has sold nearly 100,000 cases of beer in the last year and is on track to reach its sales target of around $4.4 million.

But the company, which listed in November, says making a profit is still some way off.

Moa chief executive Geoff Ross, who was also the man behind 42 Below Vodka, says they are investing in future growth, increasing their brewing capacity five fold and entering new markets.

He says sales are robust and on track for the year.

Moa says it hopes to increase its brewing capacity five fold by the end of the year to meet international demand for its beer.

Moa, which listed on the stock exchange in November, has lodged an application for resource consent to build a new brewery on its existing site in Marlborough.

Mr Ross says there's a risk the company's growth plans will be delayed if they have to find an alternative site to build the brewery, but they'll still be able to increase some of its capacity this year, which will help meet demand.

Meanwhile, Mr Ross says Moa is entering new markets this year, including Finland, Brazil and the UK, but says the focus is on growing its product in its key markets of Australia, New Zealand and the US.