Manganese drives back into black
LONDON cab maker Manganese Bronze has turned in its first profit in five years but the cloud of the potential opening up of the capital's taxi market to rival manufacturer Peugeot continues to hang over the company.
Manganese supplies the vast majority of the black cabs in London and in the six months to the end of January reversed years of declining sales by posting growth of 3%, as its shifted 1108 vehicles.
However, the Public Carriage Office is due to report soon on whether it is to allow a customised-Peugeot people carrier to ply for trade as an official London cab, raising the spectre of catastrophic competition for Manganese.
Initial review findings show that while the Peugeot vehicle may be more affordable - the distinctive LTI black cab is around £5000 more expensive at £30,000 - it may not be as flexible in pulling off the famous 25-foot U-turn of the traditional cab. The uncertainty ahead of a final decision is affecting sales with chief executive Ian Pickering refusing to disclose current sales volumes in the key March selling month other than to say they are 'satisfactory'.
Unencumbered by its disposed-of, loss-making component business and having finally completed a deal to stem the losses at its electronic cab-hailing venture Zingo, Manganese reported an interim profit of £80,000 against a £2m loss in the same period last year.
The half year dividend remains pegged at 1p.
