Press Releases
Unaudited Half-Year Results
28th September 2012
Manganese Bronze Holdings PLC ("Manganese Bronze" or the "Group"), the leading manufacturer of the distinctive London taxi that is built in Coventry, announces its unaudited half-year results for the six month period ended 30 June 2012.
| |
2012 |
2011 |
|
2011 |
| |
Half year |
Half year (restated) |
Variance |
Full year (restated) |
| Group revenue |
£34.3m |
£38.7m |
(11.3%) |
£75.0m |
| Operating loss * |
£3.1m |
£1.9m |
(64.2%) |
£4.7m |
| Finance costs |
£0.4m |
£0.5m |
15.0% |
£0.8m |
| Loss before tax |
£3.6m |
£2.4m |
(51.9%) |
£5.5m |
| Underlying loss per share* |
12.92p |
8.32p |
(55.3%) |
19.43p |
| Net debt |
£11.4m |
£13.6m |
16.8% |
£11.1m |
| * Before exceptional items |
Summary
- Group revenue down 11.3% to £34.3m as challenging UK market conditions continued
- UK sales volumes down 22.9% to 577 vehicles (2011: 748)
- International sales volumes up 6.3% to 504 vehicles (2011: 474)
- Operating margins reduced due to supply chain issues and increased warranty costs
- Operating loss before exceptional items increased to £3.1 m (2011: £1.9m)
- Net cash inflow from operating activities of £0.2 m (2011: £1.8m inflow)
- Extension of proposed UK distribution agreement with Geely
- Discovery of material accounting errors; adjustment to prior year accounts increases previously reported operating losses by £4.25m
- Trading since 30 June 2012 period end broadly in line with revised expectations
Commenting on the results, John Russell, Group Chief Executive, said:
"The Board is disappointed by the Group’s results for the Half Year, which reflect continued challenging trading conditions in the UK.
Trading in the period since 30 June 2012 has been broadly in line with revised expectations and better than the level of trading experienced in the second quarter. The Board expects that sales in the final quarter of the year will be at similar levels to the current running rate but this will not allow the Group to return to profit in the second half of the year.
In light of the continuing weak economic outlook for the UK, the Board is taking steps to review its cost base with the objective of achieving a breakeven or better result in the new financial year. However, the level of this profitability is directly linked to UK new vehicle sales volumes, which are difficult to predict in the current economic environment."
| | For further information, please contact:
|
| Manganese Bronze Holdings PLC |
|
| John Russell, Group Chief Executive |
Tel: +44 (0) 24 7657 2108 |
| |
| Grant Thornton UK LLP |
|
| Philip Secrett / Melanie Frean |
Tel: +44 (0) 20 7383 5100 |
| |
| MC Peat & Co |
|
| Charlie Peat / John Beaumont |
Tel: +44 (0) 20 7104 2334 |
| |
| FTI Consulting |
|
| Nick Hasell |
Tel: +44 (0) 20 7269 7291 |
| |
Full unaudited half-year results can be downloaded in the attached PDF:
Download Unaudited Half-Year Results
* To view PDF documents you require Adobe Acrobat.
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