Taxi manufacturer sales drop after redundancies
Manganese Bronze Holdings, the leading manufacturer of the distinctive London taxi, has announced a 12.9 per cent drop in UK sales, having produced 803 vehicles this period compared to 922 in the same period in 2009. The Coventry-based firm said the past six months had been “challenging” as it revealed its unaudited half-year results for the period ended 30 June 2010.
The business also said it had reduced its operating loss before exceptional items by 29.9 per cent to £1m.
Over the six-month period, the company has ceased the manufacture and primer coating of body panel and chassis in Coventry and agreed redundancy packages with trade unions over the past few months.
John Russell, the group’s chief executive, said: "This has been another challenging six months for the group but I am pleased that we have managed to reduce the operating loss so dramatically. This is a sign of our reducing cost base, and the benefits of our joint venture with Geely.
"We have secured initial third party funding for our international customers which will help to drive future international sales volumes. The steps we have taken to mitigate the uncertainty of the economic climate are beginning to take effect which bodes well for the full year."
