Boutique beer company Moa Group is warning of a significant shortfall of its sales targets this year.
Four months into the financial year, Moa says there will be a volume shortfall of 30% of the total company target of 195,000 cases.
In a statement to the NZX, it said this is largely due to the sales shortfall in the New Zealand market.
To regain control and momentum in New Zealand, The company, which listed last November, said it is actively negotiating a transition from its current distribution arrangement to a new distribution model.
Moa said export markets are performing in line with volume expectations.
However, in Australia, the smallest of Moa's key markets, sales volumes were tracking behind forecasts.
As a result, the company recently acquired the Australian sales agency rights and intends to manage the Australian business directly.
In the 12 months to the end of March, Moa more than doubled its sales volume to 102,600 cases. Revenue grew from $2.41 million to $4.38 million.
Shares in the company slumped by 25% on Tuesday morning.
