Electric Mobility is hoping sales of its products will continue to grow as it looks to turn around its fortunes after reporting an operating loss of just under £700,000 for the most recent full year for which accounts are available.
The company’s latest accounts, for the year to 31 December 2016, were lodged with Companies House this week, and revealed that the established manufacturer, which buys a lot of its products in US Dollars, was challenged by fluctuating exchange rates during the period. However, it indicated that it is working hard to restore profitability, with a raft of new products launched in 2017 set to strengthen its efforts.
The group’s turnover increased by nearly 7% year-on-year to £12m in 2016, which although slower than 2015’s 15% increase, still produced pleasing results for the directors.
In the report, the directors of the company stated that they were “disappointed with the results for the year due to the exceptional economic exchange rate movement but continue to develop new products that [we] believe will reverse this trend in 2017”.
Although Electric Mobility’s financial results for 2017 are unlikely to be published until much later this year, the company will be hoping that its investment in growing its portfolio will reap dividends. At Trade Days last year it attracted significant interest from mobility retailers with a number of new products.
In October it unveiled its new ‘RunOn’ tyre system which vows to end the frustration that mobility scooter users face when suffering punctures.
The Vecta Sport line of mobility scooters, which dealers got to see for the first time at Trade Days, has been three years in development and features a string of benefits that the Somerset-based company thinks will set it apart from the competition.
Electric Mobility’s directors concluded in the 2016 report: “The mobility market remains very competitive. The directors believe they are in a strong position to continue to grow market share in 2017 and beyond.
The company continually strives to offer superior levels of customer service and innovative products that provide improved quality of life for customers.”