29th Oct 2015 09:10
LONDON (Alliance News) - Vmoto Ltd said Thursday that its trading was encouraging and in line with its expectations in the third quarter of 2015, with its number of electric scooters sold up 15% compared to the previous year.
Vmoto said that sales of its electric scooters continued to increase across various sales channels in the quarter, in particular to international markets.
Vmoto is continuing discussions with a "significant" European supermarket group, which it did not disclose, and it has delivered samples to the customer for further evaluation and testing.
During the quarter the company opted to exit its electronic technology subsidiary, Nanjing Haiyong, as it had not delivered the returns it had expected. This resulted in a reduction in forecast earnings for 2015 of USD1.0 million, and the company said it is on track to meet forecast earnings for 2015 of between USD4.0 million and USD6.0 million.
Elsewhere, it signed a new international supply agreement with the US-based Saturna Green Systems, which it expects to see "significant benefits" to its business, including growth initially in the North American and European markets.
"We are excited by current growth opportunities, including Saturna Green Systems' Electric Scooter Sharing Project and significant B2B opportunities in Italy and South America, and look forward to capitalising on these and other initiatives over the remainder of FY15 and into FY16," said Managing Director Charles Chen in a statement.
Shares in Vmoto were untraded Thursday morning. They last closed at 11.27 pence. Vmoto's AIM shares will be cancelled in November as it focuses instead on its listing in Australia.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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