- Vmoto (VMT) has managed to accelerate its profits, announcing an expected net profit after tax (NPAT) of up to $3.4 million in FY20
- The scooter company hit a number of milestones throughout the year, including securing orders for 4300 units for its ride-sharing partner
- It also expanded its international distributors to 50 business to consumer (B2C) distributors across 62 countries globally
- VMT said the success of FY20 was especially pleasing considering the COVID-19 pandemic's effect on retailers
- Shares in Vmoto have ended the day up 6.58 per cent at 40.5 cents each
Vmoto (VMT) has managed to accelerate its profits over FY20, announcing an expected net profit after tax (NPAT) of between $3.2 million and $3.4 million.
It's a substantial increase for the scooter and electric motorbike business, which ended FY19 with an NPAT of $1.3 million.
Commenting on the outlook, Vmoto’s Managing Director Charles Chen said it was a well-earned result considering the ongoing pandemic.
"I am delighted to announce we will deliver a significant increase in NPAT for this financial year when compared to 2019," he said.
"The COVID-19 outbreak has provided great uncertainty and disruption for businesses globally but we are agile and responded quickly by making small changes to our international strategy, which has proven to be incredibly fruitful," he added.
Along with the profit guidance, Vmoto also used today's market update to reveal it had hit a number of significant milestones throughout the year.
These include securing orders for 4300 units for its strategic ride-sharing partner, Go Sharing.
It also includes expanding its international distributors to a total of 50 business to consumer (B2C) distributors across 62 countries globally.
Following today's profit forecast, shares in Vmoto have ended Monday's session trading up 6.58 per cent at 40.5 cents each.