26th Nov 2013 10:24
LONDON (Alliance News) - Electric scooter manufacturer Vmoto Ltd Tuesday said it made a profit of AUD192,000 in October, it's most profitable month to date, driven by increased sales in China where it's been opening stores and increasing its marketing, and reiterated that it expects to be profitable for the full year.
"This is the Company's best trading month since its first profitable month in June 2013 and comes as the Chinese market becomes more aware of Vmoto models and sales in its own stores start to ramp up following their respective openings," the company said in a statement.
It opened two more retail stores in October, in Huaqiao District, Kunshan and Gaochun District, Nanjing, and has two more stores currently planned. It now has six stores open and said it had sold 2,490 vehicles through the stores by the end of October.
It is still predicted a maiden annual profit for 2013 of between AUD300,000 and AUD600,000.
It also still expects to produce 42,000 of its PowerEagle electric scooters this year, having produced 38,304 by the end of October.
"Following the recent fundraising the Company is now fully funded for all current operations and expansion plans," it said. "With the infrastructure in place at the facility for production ramp up, the Board is optimistic about its position in the global electric scooter market and looks forward to reporting on developments within China and its overseas markets."
Vmoto shares were up 8.1% at 1.67 pence in London Tuesday morning, one of the biggest rises on AIM.
By Steve McGrath; [email protected]; @stevemcgrath1
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