Interim Management Statement (5249D)

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RNS Number : 5249D

Manganese Bronze Hldgs PLC

17 May 2012

Manganese Bronze Holdings PLC

Interim Management Statement

17 May 2012

Manganese Bronze Holdings PLC, ("Manganese Bronze" or "the Group"), the leading manufacturer of the distinctive London taxi, announces the following Interim Management Statement for the period 1 January to 16 May 2012 ahead of its Annual General Meeting to be held later today.

Current Trading

After a promising start to the new financial year, trading in the UK has slowed. Business confidence remains weak due to the continuing concern over the macroeconomic environment. As a result, UK sales in the first half of the year are expected to be below those of the previous year. However, sales in the second half of the year are anticipated to be stronger than in the first half due to the positive impact on demand for the new Euro V TX4 taxis in London arising from the Mayor's Air Quality Strategy.

The 500 vehicles for Azerbaijan that were delayed from 2011 were shipped and paid for in March 2012 and further international orders are anticipated.

The slowdown in UK sales has increased the stock of new vehicles and, accordingly, the Group's cash flow is less than previously anticipated with Geely remaining supportive of this situation.

 
For further information, 
 please contact: 
Manganese Bronze Holdings 
 PLC 
John Russell, Group Chief  Tel: [phone] 
 Executive                  2108 
Peter Johansen, Group      Tel: [phone] 
 Finance Director           2214 
FTI Consulting 
Nick Hasell                Tel: [phone] 
                            7291 
Grant Thornton UK LLP 
 (Nominated Advisor) 
Philip Secrett/Melanie     Tel: [phone] 
 Frean                      5100 
MC Peat & Co 
 (Broker) 
Charlie Peat               Tel: [phone] 
                            2334 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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