LONDON (Alliance News) - Vmoto Ltd said its current trading remains in line with expectations, as it saw sales rise in the quarter to the end of June compared to the previous quarter.
The scooter manufacturer and distributor said it had seen unit sales of more than 22,400, which it said was 57% higher compared to the previous quarter. It sold around 15,000 units to original equipment manufacturers, and over 3,600 through its retail stores.
As a result, it saw a quarterly operating cash flow of AUD143,000, which it said was up 270% from the previous quarter.
As at June 30, the company had cash of AUD2.8 million.
The company said that its growing profits and revenues were a demonstration of the increasing traction of its brands in China and Asia. The company currently has 16 retail stores, and has relationships with more than 10 distributors and dealers.
It has continued to see interest from other distributors for a potential collaboration or joint venture, it said, and discussions are ongoing.
In Hong Kong the company delivered two sample scooters to the Hong Kong branch of logistics company Deutsche Post AG. It said feedback from this distributor has been positive to date. It also delivered its first container of scooters to its Indonesia distributor during the quarter; it expects more orders from this distributor in the coming weeks, it said.
In Taiwan the company has supplied samples of its scooters to Kentfa Advanced Technology Corp, and it delivered its first container of scooters to Vietnam during the quarter.
Additionally, Vmoto received orders in Italy, Malaysia, Mexico, and Nepal.
Shares in Vmoto were trading up 1.1% at 2.30 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
