Vmoto jumps on strong first-half revenues and earnings

(ShareCast News) - Scooter manufacturer Vmoto jumped 14.4% after posting a strong first-half trading.The company said it generated strong revenue and earnings growth during the six months to 30 June, driven by an increasing interest in its electric two-wheel vehicle products and a shift in sales mix to higher margin international markets.Vmoto sold 13% more units than the year before to a total of 41,503. Units sold to international customers rose 68% to 7,211.Meanwhile, first-half revenues were up 57% to $24.9m driven by strong growth in Chinese unit sales.Looking ahead, the group's managing director Charles Chen said: "The second half of the year is historically stronger than the first, and with a growing forward order book to be fulfilled, and more domestic and international distributors and customers due to visit the factory to discuss and finalise orders, we expect to see an increase in production and sales over the coming months, in line with the expectations previously provided to the market."The group added it has a number of earlier sage growth opportunities which will help the business.FinnCap analysts said the update should provide investors with "greather confidence in strong second-half progress".Shares rose 14.44% to 20.6p on Wednesday at 09:57.