Vmoto up on new director, update
UPDATE 2.20pm: Shares in Vmoto jumped after the scooter maker appointed a new interim non-executive director and gave a positive update on its trading activities.
The resignation of non-executive chairman Simon Farrell earlier this week meant Vmoto had only one Australian-resident director on its board, which constitutes a breach of the Corporations Act.
The ASX forced the scooter maker into a trading halt until it appointed a new Australian-resident director.
Vmoto announced this morning the appointment of corporate lawyer Shannon Coates to the board as an interim non-executive director until a permanent new Australian director was appointed.
Ms Coates is also a director of Artemis Resources and Evolution Capital Partners.
Vmoto also announced this morning unaudited net profit after tax of $314,000 for the four months to the end of April and unaudited net profit after tax of $83,000 for the month of April.
The company also revealed it had opened two new stores in China, increasing its retail store network to 16.
"The company's growing profits compared to the prior year is a clear demonstration of the increasing traction Vmoto brands are achieving in key markets in China and Asia generally," Vmoto said in a statement.
Vmoto managing director Charles Chen said the company remained in a strong position, with sales increasing.
"As we head into the busy period of Chinese and Northern Hemisphere summer months, we are excited about the opportunities Vmoto has and we expect volumes to gradually increase into the second half of 2014," he said.
Vmoto shares were up 0.6 cents, or 13.33 per cent, to 5.1 cents at the close after touching an earlier high of 5.5 cents.
