London cab maker Manganese Bronze says full-year profit rose 34 percent



LONDON Manganese Bronze PLC, the maker of London's black cabs, said Wednesday that full-year profit rose 34 percent after the company sold money-losing businesses.

Net income rose to 2.75 million pounds (US$5.13 million; €4.09 million) in the year ended July 31, from 2.05 million pounds in the same period a year earlier, the company said in a statement.

"Vehicle sales in the first two months of the year have been above the level of 2006," the company said. "The outlook for the group is positive."

Manganese Bronze said earlier this month it signed a 53 million pound (US$100 million; €78.51 million) agreement with China's Geely Holding Group to build 20,000 cabs a year in Shanghai.

The deal would give Manganese Bronze its first manufacturing base overseas, access to the Hong Kong-based company's chain of low-cost suppliers and a gateway to the rapidly expanding Chinese car market.

Manganese Bronze plans to begin production in Shanghai in mid-2008 and target customers including taxi companies, hotels and private limousine businesses. The company's research shows that around 1 million taxis and limousines are sold each year in China.

The company currently generates around 90 percent of its sales in Britain, with the rest coming from South Africa and Nigeria.

It manufactures 2,500 black cabs each year at its factory in Milton Keynes, north of London. Rival maker Metrocab manufacturers around 1,500 London taxis at its base in Tamworth, central England.

LONDON Manganese Bronze PLC, the maker of London's black cabs, said Wednesday that full-year profit rose 34 percent after the company sold money-losing businesses.

Net income rose to 2.75 million pounds (US$5.13 million; €4.09 million) in the year ended July 31, from 2.05 million pounds in the same period a year earlier, the company said in a statement.

"Vehicle sales in the first two months of the year have been above the level of 2006," the company said. "The outlook for the group is positive."

Manganese Bronze said earlier this month it signed a 53 million pound (US$100 million; €78.51 million) agreement with China's Geely Holding Group to build 20,000 cabs a year in Shanghai.

The deal would give Manganese Bronze its first manufacturing base overseas, access to the Hong Kong-based company's chain of low-cost suppliers and a gateway to the rapidly expanding Chinese car market.

Manganese Bronze plans to begin production in Shanghai in mid-2008 and target customers including taxi companies, hotels and private limousine businesses. The company's research shows that around 1 million taxis and limousines are sold each year in China.

The company currently generates around 90 percent of its sales in Britain, with the rest coming from South Africa and Nigeria.

It manufactures 2,500 black cabs each year at its factory in Milton Keynes, north of London. Rival maker Metrocab manufacturers around 1,500 London taxis at its base in Tamworth, central England.

So good you had to post it twice? lol

Regards

JD