Press Releases
Trading Update
26th January 2010
Manganese Bronze Holdings PLC is currently preparing its full year results, including undertaking the regular year end review of its warranty position. As part of this process, MBH has identified a higher than expected warranty spend, mainly related to the now resolved TX4 radiator rectifications, which will be included in the preliminary results. The group is providing this early update as part of its commitment to prompt disclosure.
UK sales remained soft during 2009, with a total of 1,724 vehicles sold reflecting the sluggish UK economy and caution among drivers. International sales were impacted by the availability of financing, with 212 vehicles sold. Customer reaction to the Shanghai built London taxi has been positive and the current run rate is consistent with 2010 sales of 1,000 vehicles in international markets.
The previously announced consultation process at LTI in Coventry is nearing completion and a further update will be provided at the time of the full year results.
The impact of the higher than expected warranty spend and lower than expected sales means that the outcome for the full year is now expected to be below current market expectations.
| | For further information, please contact:
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| Manganese Bronze Holdings plc | |
| John Russell, Group Chief Executive | 02476 572108 |
| Mark Fryer, Group Finance and Business Development Director | 02476 572 223 |
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| Financial Dynamics | |
| Jon Simmons |
020 7831 3113 |
| |
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