Vmoto Limited Trading update (7987V)

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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

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