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- Electric scooter manufacturer Vmoto (VMT) had a strong financial year with revenue up 34 per cent over FY19 to $61 million
- The company also tabled net profit after tax (NPAT) of $3.7 million for FY20 — a 174 per cent increase over FY19
- Despite COVID-19, lockdowns and market challenges, the company still sold 23,547 scooters, generating $61 million in revenue
- Additionally, Vmoto signed 23 international distributors in the year, spanning across Europe, South America and Asia
- There has been continued success with delivery and rideshare companies, suppling its vehicles to seven rideshare and 12 delivery companies
- Vmoto is anticipating continued and similar success in FY21
- Company shares are down 3.03 per cent and are trading at 48 cents
Electric scooter manufacturer Vmoto (VMT) had a strong financial year with revenue up 34 per cent over FY19 to $61 million.
The company also tabled net profit after tax (NPAT) of $3.7 million for FY20 – a 174 per cent increase over FY19.
Earnings before interest, tax, depreciation and amortisation (EBITDA) was also up 102 per cent to $5.8 million.
Vmoto credits this strong performance to increasing demand for its business-to-consumer and business-to-business products.
Operations
Despite COVID-19, lockdowns and market challenges, the company still sold 23,547 scooters, generating $61 million in revenue.
This is up 18 per cent on FY19 and up 117 per cent on FY18.
Internationally, Vmoto sales were up 24 per cent over FY19 to 21,416 units.
Vmoto signed 23 international distributorships in the year, spanning across Europe, South America and Asia. This brings the company’s total international distributors to 46.
There has been a further significant increase in interest from business customers with food delivery, parcel delivery and rideshare companies.
Vmoto is now supplying its vehicles to seven global rideshare companies and it is in discussions with an additional 14.
Further, it’s supplying to 12 delivery companies and is in discussions with 13 new customers.
In February, Vmoto signed an agreement with Super Soco Intelligent Technology to create a joint manufacturing company, Vmoto Soco.
Vmoto Soco will be the exclusive distributor and manufacturer for both companies electric scooter and vehicle products.
The companies have worked together since 2017, with Vmoto delivering strong sales of Super Soco’s products.
This agreement will strengthen the partnership, streamline the supply chain process and expand the research and development capabilities.
Vmoto is anticipating continued and similar success in FY21.
Company shares are down 3.03 per cent and are trading at 48 cents at 2:07 pm AEDT.
