30th Apr 2015 10:02
LONDON (Alliance News) - Electric scooter manufacturer Vmoto Ltd Thursday expressed confidence for growth in the remainder of 2015, as unit sales were up 37% in the first quarter of the year.
For the quarter to end-March, unit sales were 19,462, up 37% from 14,257 units a year before. The company said the quarter its traditionally its quietest due to the winter months and Chinese New Year.
Higher margin international sales accounted for 20% of total sales in the quarter, which it called "particularly encouraging".
Vmoto said it is in talks with PowerEagle to enter a new original equipment manufacturer deal from 2016, as their current deal expires at the end of 2015. It expects a final agreement to be completed in the third quarter of the year.
"The months ahead will continue to be busy for Vmoto with orders to be fulfilled across various domestic and international sales channels. More international distributors and customers are due to visit the factory with discussions on scooter unit orders to be finalised," the company said in a statement.
Shares in Vmoto are trading up 0.4% at 2.41 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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