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Press Releases
Trading Update
10th June 2004
Manganese Bronze Holdings PLC, the leading manufacturer of the distinctive London black taxi and operator of Zingo, the mobile phone taxi hailing service, today provides the following update regarding current trading.
Vehicles Division
Taxi sales for the three months to May 2004 were 723 including exports of 30 (of which 29 were to the USA). The comparative numbers for the same period last year were 658 total sales including 5 exports. Sales of taxis to the USA have been adversely affected in the second half of this financial year by the strength of sterling to the US dollar.
Zingo
The restructuring of Zingo’s activities, announced in March, has been successfully completed. While Zingo has continued to recruit new drivers to its fleet the churn rate has increased in recent weeks and as a result the fleet size has remained at approximately 1,200 drivers. This has adversely affected Zingo’s ability to grow the level of passenger hails and the business continues to be loss making.
Consequently, it is likely that the outturn for the full year will be below current market expectations.
Low Emission Vehicles
Two prototypes of the new inner-city utility vehicle being developed by LTI are to be launched in Sheffield on Monday next week. The vehicles will then start trials with a number of potential customers.
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