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Corporate: Electric scooter maker Vmoto is expecting a $1m+ profit from Santa this year
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Vmoto (ASX:VMT) told shareholders this morning it expects a net profit after tax of between $1m and $1.3m for 2019.
It is the only ASX small cap in the electric scooter market, which is estimated to reach $40 billion by 2027.
The company credits its recent product launches, noting there had been unprecedented enquiries and sale leads from a recent exhibition in Milan.
Its CPx scooter, targeted at the consumer market, and the E-Max VS1, designed for commercial delivery, are proving particularly popular.
Vmoto told shareholders it expected growth to continue in the months ahead – noting it had distribution channels in over 40 countries.
“Vmoto’s management is confident that the company will continue to increase international sales and further consolidate its position as a leading electric two-wheel vehicle manufacturer and distributor in international markets,” it said.
The stock rose a modest 8 per cent today, but shareholders who have held the electric scooter maker all year will have now seen a gain of 382 per cent – from 5.6c on January 1.
Read More:
Tech: Vmoto launches two new electric scooters, shares rev 27pc
In other ASX corporate news today:
Speaking of small caps that are the sole ASX-listed player in their markets, you may remember HGL (ASX:HNG) which last week entered the school uniform industry. Today it appointed a new CEO, Greg Timar, who is replacing Henrik Thorup. His resume includes stints as COO at advisory firm Babcock and Brown as well as general manager of corporate planning and strategy at Sydney Airport.
SRG Global (ASX:SRG) has won a $90m contract with Alcoa for its alumina refinery in Western Australia. SRG will provide heavy mechanical and electrical maintenance.
Two small caps announced the completion of acquisitions today. First, enviro tech Calix (ASX:CXL) bought magnesium hydroxide liquid supplier Inland Environmental Resources. Second, Smart Marine Systems (ASX:SM8) picked up communications tech business Advanced Offshore Streaming. The latter company climbed 17 per cent.
