Revenues down a third and loss after tax has dropped further to $1.3 million in beleaguered ASX-listed brewer Broo’s half yearly results.
Troubled ASX-listed brewer Broo has announced that it has narrowed its quarterly operational losses, while its new CFO has acquired a large parcel of shares from founder Kent Grogan.
Kent Grogan divested 10% of his voting power and has netted nearly $1 million in a share sale, the same day the beleaguered company committed to another share placing to improve working capital.
Pete and Matt cover a huge week in beer news, including the sale of GABS Hottest 100, IBA looking to join ABAC and drama with the NSW container scheme.
Broo has scotched media reports that its Mildura Brewery is for sale with founder Kent Grogan saying it will instead be investing in the facility.
Embattled ASX-listed Broo is in the red in the first quarter of its financial year, reporting negative cash assets of $290,000, as executive director Kent Grogan makes another off-market share sale to keep the business afloat.
Troubled ASX-listed brewer Broo is set to offload its Mildura brewing operations and has put hospitality businesses up for sale as it looks to contract brewing after a year of losses amounting to $3.2 million.
Broo CEO and founder Kent Grogan said that he expected to return to the black on domestic sales alone after the ASX-listed group reported revenues up but increased losses this year.
Embattled ASX-listed brewer Broo is pinning its domestic sales hopes on a Queensland distribution agreement which it says will have a 2 million litre sales target.
Beleaguered brewer Broo has raised $400,000 in a share issuance as it insists negative operating cash flows will be rectified in coming months.