Press Releases

AGM Statement

23rd November 2005

Manganese Bronze Holdings PLC, the leading manufacturer of the distinctive 'black taxi', held its Annual General Meeting at noon yesterday. Tim Melville-Ross, Chairman, made the following comments concerning the Group's activities and current trading at the meeting:

"UK taxi sales for the first quarter were 5% higher than in the first quarter of last year. Sales of new taxis in October were lower than in the same month last year but we expect sales to be ahead of last year again in November. During October we started to sell vehicles with a new coil spring rear suspension. Initial reaction to the new suspension from drivers has been very favorable."

"Taxi sales for the year as a whole continue to depend on the outcome of the second limited review of the London Conditions of Fitness which is expected to be announced by the end of the calendar year."

"We have continued to progress our international projects in the USA, China and Mexico. The results of LTNA, our US distributor, are benefiting from increased advertising revenues and the cost reductions we have introduced. We are pursuing our applications for approvals from the Chinese government to import vehicles to, and manufacture vehicles in, China. The results of the applications are expected next year. Initial vehicle test work in Mexico has delivered satisfactory results and we are in negotiations to establish an initial fleet of vehicles in Mexico City."

Tim Melville-Ross
Chairman

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