Bloomberg News

Manganese Bronze Says U.K. Sales Hurt by Economic Conditions

October 19, 2011

(Updates with closing share price)

Oct. 19 (Bloomberg) -- Manganese Bronze Holdings Plc, a manufacturer of London black taxis, said U.K. revenue fell in the third quarter as the economy slowed while international sales almost tripled.

Revenue in the three months ended Sept. 30 declined 8.6 percent compared with a year earlier, the company said in a Regulatory News Service statement today. Year to date U.K. sales fell 7.5 percent to 1,174 vehicles. U.K. revenue in the second half is likely to be down compared with the first half, the company said.

International sales almost tripled to 217 vehicles boosted by an order secured in March to supply cabs to Azerbaijan. Orders for 2011 stood at 1,329 vehicles, ahead of the 1,000-unit target set at the start of the year, the company said.

The company is making “good progress” with Geely Automobile Holdings Ltd., its Hong Kong-based partner, on developing a business plan to introduce Geely’s products in the U.K., according to the statement.

Manganese Bronze shares closed unchanged at 35 pence in London trading, giving the company a market value of 10.7 million pounds ($16.9 million).

--Editors: Tim Farrand, Peter Woodifield

To contact the reporter on this story: Namitha Jagadeesh at njagadeesh@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net


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