Current Directors,
Mr Charles Chen, Managing Director,
Mr Ivan Teo, Finance Director,
Mr Blair Sergeant, Non-executive Director,
Mr Aaron Kidd, Non-executive Director,
Mr Martin Zhou, Non-executive Director
The first half of 2024 (1H2024) was a busy and challenging period for Vmoto Limited (Company). Negative
macroeconomic factors including high interest rates, tighter monetary policies and lower consumer and business
confidences continue to have negative flow-on effect on B2C sales in the Company’s key markets. The Company
incurred numerous one-off expenses totalling to $2.1 million in relation to impairment of slow moving and obsolete
stocks and acquisition of remaining 50% of Vmoto Italy, which have also impacted Vmoto’s financial performance in
1H2024.
Vmoto delivered the below results for 1H2024:
– Revenue of $23.3 million;
– Net loss after tax of $3.0 million and Loss before Interest, Tax, Depreciation and Amortisation of $3.0 million
– Positive operating cash flow of $2.9 million; and
– Closing cash position of $41.7 million.
Vmoto is a global fully integrated e-mobility products and solutions provider. Apart from its key markets in Europe,
the Company is actively pursuing sales opportunities outside Europe including Asia, Africa, Middle East and South
America. In addition, the Company has identified numerous sales opportunities in new market segments, working
closely with its B2B customers, which have the potential to generate multiple revenue streams in the longer term.
The Company also pursued a more aggressive cost reduction program across its subsidiaries in the Netherlands, Italy,
France and United Kingdom to mitigate the impacts of negative macroeconomic factors and uncertainties on B2C
sales.
Vmoto continues to face headwinds in our B2C and B2B businesses, but we remain resilient. With our strong cash
position and robust cash management policies, the Company will optimise its operations to overcome short term
impacts from economic uncertainties while also actively looking for business opportunities that will add value,
transform the Company into a bigger e-mobility company in longer term and deliver a return to sustainable
profitability.
Looking forward to the rest of 2024 and beyond, Vmoto has one of the best electric motorcycle/moped products in
the markets, with the widest distribution network, and global workforce and teams. This positions the Company well
to supply and tailor e-mobility products and solutions to large corporations and governments, looking to decarbonise
their businesses.
