The shares dropped 6c in a couple of steps after opening at 78c before climbing to 77c. They last traded at 75c, sales volumes of 82,000.
The group issued a trading and performance update and outlook yesterday in which chief executive Geoff Ross said Moa's financial result for 2014 would be significantly affected by the various adverse circumstances that developed during the first half of the financial year.
''During the second half, the company expects to rebuild volume in New Zealand and grow volumes in Australia, but there will continue to be pressure on sales and manufacturing margins.''
Moa had modelled a range of projected outcomes for 2014 and anticipated, despite a level of confidence the revised sales-volume targets could be achieved, it would be difficult to limit the 2014 loss to $4.5 million, he said.
The update was released ahead of the half-year result on November 19.
On August 12, Moa advised the market it expected to fall short of its 2014 sales-volume target by about 30%, or 60,000 nine-litre equivalent cases, largely due to an anticipated sales shortfall in the New Zealand market.
Also on August 12, Moa said it would change its New Zealand distributor and resume its own sales initiatives for the New Zealand market.
Mr Ross said the group had made a good start in its October sales, with positive feedback from the market about both the Moa range and the resumption of direct sales activities by the company.
Manufacturing gross profit margin would continue to be affected by the need for contract brewing compared to the intended model of an upgraded and expanded brewery at the Marlborough site.
''This situation is expected to continue for some time, as the prospect for brewery expansion at the Jacksons Rd property remains unresolved.''
In late July, Moa was awarded resource consent to expand and upgrade its existing brewery operations in Marlborough.
The consent was appealed by those opposed to the original application and the cost and timing of an appeal had forced the company to rethink its manufacturing options for the next 12 months, he said.
The company had made no decision on whether to proceed with its originally planned brewery expansion, given the uncertainty of an outcome on the resource consent appeal and the reduced volumes and lower-than-projected financial results for the year to date.
