Manufacturer of the classic London taxi, Manganese Bronze, has warned that it might slash jobs, citing plunging profits due to falling demand for its vehicles.
Black cab maker Manganese Bronze said its overall vehicle sales for the period of eight months to August had plunged by 9.1 per cent to settle at 1,207 vehicles.
Speaking on the issue, John Russell, company’s CEO, said, “Trading in the UK continues to be negatively impacted by the recession.”
John Russell warned that losses could be greater than expected and the company would review all the options including job cuts.
Mr. Russell said the joint venture in China, Shanghai LTI is seen as the best hope of securing the long term future of the group.
In the after hours trading, shares in Manganese Bronze dropped by about 1.5 per cent to close at 191p-a-share.