Vmoto Limited Trading update (7987V)
August 12 2015 - 2:01AM
UK Regulatory
TIDMVMT
RNS Number : 7987V
Vmoto Limited
12 August 2015
VMOTO EXPERIENCES STRONG GROWTH IN EARNINGS OVER FIRST HALF OF
2015
ANNOUNCEMENT 12 August 2015
Vmoto Limited (ASX/AIM: VMT), the global scooter manufacturing
and distribution group specialising in green electric powered
two-wheel vehicles, is pleased to announce that it has generated
strong growth in revenue, and even stronger growth in earnings,
over the six months ended 30 June 2015 (1H15) based on its
unaudited financial results.
The growth Vmoto has generated has been driven by increasing
interest in the Company's electric two-wheel vehicle products and a
shift in sales mix to higher margin international markets.
Vmoto has experienced strong growth across key metrics over 1H15
and is well placed to achieve its previous guidance for FY15 of $5
million to $7 million NPAT
-- Total units sold up 13% to 41,503 (1H14: 36,705)
-- Units sold to international customers up 68% to 7,211 (1H14: 4,284)
-- Revenue up 57% to $24.9 million (1H14: $15.9 million)
-- EBITDA up 264% to $2.1 million (1H14: $574k)
-- Statutory NPAT up 379% to $1.0 million (1H14: $211k)
-- Underlying NPAT (after removing non-cash expenses to show a
more accurate underlying business performance) up 122% to $1.6
million(1) (1H14: $705k)
Commenting on Vmoto's performance over 1H15, Managing Director
Charles Chen said:
"We are very pleased to see Vmoto continuing to grow across all
the key business measures, particularly profit which has grown
strongly in comparison with 1H14 as the benefits of scale and
higher margin sales flow through.
"Vmoto is delivering on its stated goal of growing high margin
international sales. Over the last six months we have seen a clear
shift in sales mix to Vmoto's higher margin international sales. We
are also seeing growth in our Chinese unit sales, further
strengthening Vmoto's position in the Chinese domestic market.
"Given the strong growth over the first half of this year, Vmoto
is well placed to continue its growth trajectory and achieve its
previous guidance for 2015. We also have a number of exciting
earlier stage growth opportunities we are progressing that will
benefit future periods.
"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 financial results referred to in this release are
preliminary unaudited numbers, and the Company will be releasing
its reviewed results on or before 31 August 2015.
Note 1: The following table provides a reconciliation between
the unaudited statutory NPAT and underlying NPAT figures:
Statutory NPAT for 1H15 A$1,010,532
Add back non-cash expenses:
Share based expenses A$113,316
Tax expense adjustments A$440,233
related to carry forward
tax losses being utilised
in 1H15, which deferred
tax assets were previously
recognised in financial
year ended 31 December
2014
Underlying NPAT for 1H15 A$1,564,081
------------
This information has not been audited or reviewed however the
Directors believe this information is useful to provide investors
with transparency on the underlying performance of the Company.
For further information, please contact:
Vmoto
Charles Chen, Managing Director
Olly Cairns, Non-Executive +61 8 9226 3865
Director +61 8 9226 3865
Investors - Market Eye
Ronn Bechler, Managing Director +61 400 009 774
finnCap Ltd
Christopher Raggett/Simon Hicks
(corporate finance)
Tony Quirke/Mia Gardner (corporate
broking) +44 20 7220 0500
About Vmoto
Vmoto Limited (ASX/AIM: VMT) is a global scooter manufacturing
and distribution group. The Company specialises in high quality
"green" electric powered two wheel vehicles and manufactures a
range of western designed electric scooters from its low cost
manufacturing facilities in Nanjing, China. Vmoto combines low cost
Chinese manufacturing capabilities with European design. The group
operates through two primary brands: Vmoto (aimed at the value
market in Asia) and E-Max (targeting the Western markets, with a
premium end product). As well as operating under its own brands,
the Company also sells to a number of customers on an original
equipment manufacturer ("OEM") basis.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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