1st Sep 2015 07:44
LONDON (Alliance News) - Electric scooter manufacturer Vmoto Ltd on Tuesday posted a massive rise in pretax profit and a jump in revenue for the first half, sending its shares higher in early trade.
Vmoto said its pretax profit for the six months to the end of June was up to USD1.0 million from USD210,670 a year earlier, as revenue rose to USD24.9 million from USD15.9 million.
The results were in line with the trading update the company delivered earlier this month, when it said unit sales, revenue and earnings before interest, taxation and depreciation all improved in the first half of 2015.
Shares in Vmoto were up 15% in early trade to 19.50 pence, one of the London market's best performers.
Units sold in the half rose to 41,503 from 36,705, while units sold to international customers, meaning outside of China, rose by 68% to 7,211. The company expanded its retail network in China in the half and has seen continued growth in international markets, particularly in Denmark, Malaysia and Vietnam.
"Vmoto has delivered on its clearly defined strategy of targeting high margin international unit sales, while also continuing to develop the brand's presence in the domestic Chinese market," Charles Chen, Vmoto's managing director, said.
Chen added the group is on track to hit its guidance for the full year and has seen "significant interest for potential collaborations" with international companies.
By Sam Unsted; [email protected]; @SamUAtAlliance
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