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Manganese Bronze doubles profits
Black taxi maker Manganese Bronze doubled first half profits despite rising costs of raw materials and utilities and uncertain market conditions, it said today.
Pre-tax profit for the six months to 31 January came in at £1m from £0.5m a year ago as the group made a "solid" start to the year. Revenue was down a touch to £39.1m from £41.3m.
New cab sales were little changed in the UK at 1,106, although total sales were down to 1,114 from 1,140. UK taxi sales in February and March were 421, marginally ahead of last year's 414.
The group said it will start the refurbishment of its new London taxi dealership in May with completion planned for November.
"These new facilities together with the Euro IV compliant vehicle will provide our taxi driver customers with an improved product offering making us well placed to benefit from the anticipated increased demand for new vehicles following the implementation of the new emissions regulation for London from July of this year."
Boss Ian Pickering said, "The sale of our surplus Ipswich property completes the restructuring process that we began in 2003 which has generated significant cash resources for the group since that time."
"We are considering our future dividend policy in light of the group's requirement for cash to deliver its strategy." The interim dividend goes up to 2p per share from 1p last time.
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