LONDON (Alliance News) - Shares in electric scooter manufacturer Vmoto Ltd rose Friday after it said it continues to grow earnings, increase sales, and it is currently trading in line with expectations.
Vmoto shares were trading 12% higher Friday morning at 2.74 pence.
Vmoto said it generated a net profit of AUD83,000 in April, and has recorded a net profit of AUD314,000 in the year to the end of April.
"Operationally, the company remains in a strong position, with sales increasing. As we head into the busy period of Chinese and Northern Hemisphere summer months, we are excited about the opportunities Vmoto has, and we expect volumes to gradually increase into the second half of 2014," said Managing Director Charles Chen in a statement.
It said that in the first four months of the year it opened two more retail stores in China, in Changzhou and Nanjing, increasing its retail store network to 16.
The group said that production of white-labelled electric scooters is on track to achieve 64,800 units in the current financial year, having already sold more than 14,000 units in the first four months of the year.
It said it also sold 22,408 motorcycles in the period.
Last month, Vmoto signed a distribution deal with Euro Ebike Company Ltd for the order of at least 1,200 units by the end of August 2015.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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