LONDON (Alliance News) - Vmoto Ltd said it was trading in line with expectations as it saw continued strong demand for its electric scooters. From January to the end of May it has sold 30,414 scooters, including 5,466 from its retail stores.
The company said it had seen a profit after tax of around USD193,000 in May, and said its growing revenues and profits are a sign of the increased traction its brands are making in China and Asia.
Vmoto said it was on track to product 64,800 units over the course of 2014 through its strategic cooperation agreement with PowerEagle in China, with 19,059 units distributed in China in the year to date.
In Hong Kong it delivered sample electric delivery scooters to its Hong Kong distributor, and said that its feedback from this distributor has been positive. The distributor will be supplying the scooters for the Hong Kong branch of German logistics company Deutsche Post DHL.
Vmoto delivered its first container of electric scooter products to its Indonesian distributor recently, and said it is hopeful to see more orders from this distributor in the coming weeks.
In Vietnam, the company said it has received two further orders from its distributor after it shipped its first container of electric scooters.
Shares in Vmoto were trading up 10% at 2.58 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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