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12 April, 2006 - 10:01 By Staff Reporter

Manganese doubles profits

The UK’s leading black cab manufacturer, Manganese Bronze of Milton Keynes, announced a doubling of profits in its interim results for the six months to 31 January 2006.The UK’s leading black cab manufacturer, Manganese Bronze of Milton Keynes, announced a doubling of profits in its interim results for the six months to 31 January 2006.

Manganese said it had made a solid start to the year in the face of increasing costs of raw materials and utilities and uncertain market conditions, though the Public Carriage Office’s decision to retain the 25ft turning circle.

December saw increased confidence in the London market.

Vehicle sales were 1,106, two down on the same period the previous year.

Revenue for the period was £39.1m (2005: £41.3m) and pre-tax profit was at £0.96m (2005: £0.45m), nudging a 2.72 per cent rise in its share price, which reached 207.5p a share, up 5.5p.

Manganese has also sold its surplus Ipswich property for £4.2m in cash to Allied Property & Leisure Ltd.

Manganese CEO, Ian Pickering, said: “The sale completes the restructuring process that we began in 2003 which has generated significant cash resources for the group since that time.”

He added: “We are committed to continuing to develop our vehicle to meet the needs of our home market and to pursuing its potential overseas.”

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