- Vmoto’s (VMT) profit took off in the last six months, increasing 119 per cent to total $4 million at the end of June
- The scooter manufacturer’s revenue also accelerated over the six-month period, rising 50 per cent to $39 million
- VMT sold more than 13,700 units between January and June, with the majority of those scooters heading overseas
- It ended the half-year with $16.7 million in the bank and cashflow positive, with plans to further expand its distribution network in 2H21
- Shares in VMT are up 13.4 per cent at 38 cents each
Vmoto’s (VMT) profit has taken off in the last six months, increasing 119 per cent to total $4 million at the end of June.
The scooter manufacturer released its half-year results on Tuesday, revealing its revenue rose by 50 per cent during the period to hit $39 million.
VMT’s earnings before interest taxes, depreciation and amortisation also accelerated, up 100 per cent year on year to $5.4 million.
The transport stock sold 13,723 units over 1H21, including 13,139 units into international markets.
Vmoto continued to expand its international distribution network, establishing 13 additional distributorships to take its total number to 53 distributors.
The business said it had firm international orders of 9,636 units heading into 2H21, which it believes will provide “a solid runway for sales growth”.
Commenting on the remainder of 2021, VMT said it was confident it would further expand its distribution network and increase sales.
“Vmoto delivered very strong 1H21 financial results as the Company continues to execute on its strategy of selling high performance and value electric two-wheel vehicles into international markets,” the company said.
“The company continues to build both its B2B and B2C distribution networks worldwide and when combined with the solid international orders, provides a strong outlook for the remainder of FY21.”
VMT ended the half-year with $16.7 million in the bank and cashflow positive with $1.7 million on its balance sheet.
Shares in Vmoto were up 13.4 per cent following the release of today’s results, trading at 28 cents per share at 11:38 am AEST.