News blog

Vmoto Ltd

• BY: Andrew Hore |
• POSTED: 17/07/2013 |

Electric scooters manufacturer Vmoto Ltd made its first ever profit in June as Chinese demand is better than expected.

Vmoto made A$80,000 after tax in June. Six new models have been launched in China and the PowerEagle strategic cooperation agreement is becoming more significant. The shar4e price has risen by one-third to 1.18p a share, valuing Vmoto at £10.6m.

Vmoto is seeking to open more of its own stores in China. A flagship shop in Lishui District, Nanjing has already been opened.

Full year forecasts have been left unchanged with a 2013 profit of A$500,000 expected. Vmoto says that the profit will be in the range of A$300,000 to A$600,000. A profit of A$3m is forecast for 2014 as Vmoto sells more of its own branded scooters. The shares are trading on around seven times prospective 2014 earnings.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2013_46.pdf