Interim Management Statement (5249D)
May 17 2012 - 2:01AM
UK Regulatory
TIDMMNGS
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: +44 (0) 24 7657
Executive 2108
Peter Johansen, Group Tel: +44 (0) 24 7657
Finance Director 2214
FTI Consulting
Nick Hasell Tel: +44 (0) 20 7269
7291
Grant Thornton UK LLP
(Nominated Advisor)
Philip Secrett/Melanie Tel: +44 (0) 20 7383
Frean 5100
MC Peat & Co
(Broker)
Charlie Peat Tel: +44 (0) 20 7104
2334
This information is provided by RNS
The company news service from the London Stock Exchange
END
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