MANGANESE BRONZE HLDGS : Unaudited Half-Year Results

Unaudited Half-Year Results29th July 2011

Manganese Bronze Holdings PLC (“Manganese Bronze” or “the Group”), the leading manufacturer of the distinctive London taxi, announces its unaudited half-year results for the six month period ended 30 June 2011.

	2011	2010	% Variance	2010
	Half year	Half year		Full year
Group revenue - £m	38.7	33.4	16.0	69.6
Operating loss - £m *	0.2	1.0	76.3	1.9
Finance costs - £m	0.5	0.3	(52.3)	0.9
Loss before tax - £m	0.7	4.9	84.8	6.3
Basic loss per share - pence	2.4	13.6	82.1	18.2
Net debt - £m	13.6	13.7	0.4	14.4
* Before exceptional items

Summary

• Group revenue up 16% to £38.7m
• Operating loss before exceptional items reduced by 76% to £0.2m (2010: £1.0m)
• Net cash inflow from operating activities of £1.8m (2010: £8.3m outflow)
• UK sales volumes down 6.8% to 748 vehicles (2010: 803) as challenging market conditions continue
• UK break-even new vehicle UK sales volumes reduced from over 2,000 to c. 1,400

Outlook

• Substantial international sales order book of over 1,300 vehicles
• Difficult UK trading conditions expected to continue, particularly outside of London
• Operating margins improved to a level able to support a return to Group profitability

Commenting on the results, John Russell, Group Chief Executive, said:

"The Board is encouraged by the Group’s return to revenue growth and cash generation, and a record level of international sales in the first six months of 2011. Given the underlying improvements in operations and the reduction in the Group’s net loss resulting from the major restructuring initiatives in 2009 and 2010, and strong international sales, the Board remains confident that, despite continuing adverse UK market conditions, the Group can return to profitability in the second half of 2011. However, the level of this profitability is directly linked to UK new vehicle sales volumes, which are difficult to predict in the current macro economic environment, and dependent upon progress on cost reduction in the Shanghai joint venture."

At today’s half-year results presentation, John Russell, Group Chief Executive, and Tony Pearman, Group Finance Director, will give a short PowerPoint presentation which will be available on the Company’s website www.manganese.com, along with this announcement.

	For further information, please contact:
Manganese Bronze Holdings PLC
John Russell, Group Chief Executive	Tel: [phone]
Tony Pearman, Group Finance Director	Tel: [phone]
Matrix Corporate Capital LLP
Malcolm Strang/Robert Beenstock	Tel: [phone]
Financial Dynamics
Nick Hasell/Sophie Moate	Tel: [phone]

Full unaudited half-year results can be downloaded in the attached PDF:

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