Too quiet VMT, page-59

The VMT share price has been steadily trending down for the last two years, despite increasing bike sales, so some strong Ann’s and look through to strong future growth will be needed (as happened in 2019/2020) to reverse the downward share price trend which is well established. Note the big run up in the share price in 2020 happened after COVID. COVID has actually been a tailwind for VMT because there was a big shift away from public transport early in the pandemic. VMT had discounts for essential workers in London, so it was a strong tailwind. Any idea that the pandemic was a negative for VMT is nonsense. More tailwinds are the move away from fossil fuels following the Russia-Ukraine conflict, and climate momentum globally - now manifesting as mandated future phase out of ICEs in some countries. All the ducks are and have been aligned for VMT.