In its interim results statement last week, Manganese Bronze said that turnover had risen 28% to £107m with the sales of cabs up 39%.
In the year since the TX4 was introduced, and since the company announced its joint venture for manufacture in China, the share price has almost quadrupled to above £8.
The price of the TX4 – sold through eight dealers in major UK cities, including four Mann & Overton facilities owned by Manganese Bronze – was up £2,000 on its predecessor to a start price of £27,000.
Production in Coventry is around 3,000 a year to service export orders and the replacement demand of the 32,000 UK cabbies who use them. When the £53 million joint venture factory built with Geely in China starts assembly, production is scheduled to rise to 20,000.
The statement from company chairman Tim Melville-Ross shows mounting confidence in export opportunity. “We are preparing to market internationally as we progress further in making the London Taxi a global brand.”
It is thought that Geely can get the ex-factory price down by 60% and that Coventry can reduce by 20% as soon as China-sourced components can be used.