12th Aug 2015 07:45
LONDON (Alliance News) - Scooter manufacturer Vmoto Ltd on Wednesday saw its shares motor higher after it said unit sales, revenue and earnings before interest, taxation and depreciation all improved in the first half of 2015.
Vmoto said its total unit sales in the first half to the end of June rose 13% to 41,503, up from 36,705 a year earlier, while its sales to international customers increased by 68% to 7,211 from 4,284.
Revenue for the company increased to USD24.9 million from USD15.9 million, helping its earnings before interest, taxation, depreciation and amortisation to very nearly quadruple in the half to USD2.1 million from USD574,000.
"We are very pleased to see Vmoto continuing to grow across all the key business measures, particularly profit which has grown strongly in comparison with the first half of 2014 as the benefits of scale and higher margin sales flow through," said Managing Director Charles Chen.
"The second half of the year is historically stronger than the first, and with a growing forward order book to be fulfilled, and more domestic and international distributors and customers due to visit the factory to discuss and finalise orders, we expect to see an increase in production and sales over the coming months, in line with the expectations previously provided to the market," Chen added.
Vmoto shares were up 15% in early trade on Wednesday to 20.62 pence, one of the best performers on AIM.
By Sam Unsted; [email protected]; @SamUAtAlliance
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