25 May 2012

Eco City slashes interim loss

29/09/2009 Robert Tyerman

Eco City Vehicles co-developed the new Mercedes Benz Vito, which has won 25 per cent of the London new taxi market

Eco City Vehicles co-developed the new Mercedes Benz Vito, which has won 25 per cent of the London new taxi market

Eco-friendly London cab supplier Eco City Vehicles has cut its first-half loss from £667,000 to £131,000.

The AIM-quoted company, which developed the Mercedes Benz Vito taxi and provides a range of other commercial vehicles, increased turnover 22 per cent to £12.4 million in the six months to June. Eco City says the Mercedes Benz taxi outsold the old-style TX4 taxi by almost four-to-one during the first half year, which also saw it launch the 3.5-tonne hybrid Mitsubishi truck in the UK, provoking ‘excellent market feedback’.

Chief executive Peter Da Costa says the new Mercedes Benz taxi has won 25 per cent of the London new taxi market since its launch and the company is considering stepping up production at its Coventry site. He adds the board looks forward to the second half results ‘with cautious optimism’.

Down from 5p to 2.75p over the past year, Eco City shares value the company at £8.3 million.

Tags: AIM, Growth Stocks, Penny shares

Sector: Automobiles & Parts

Companies: Eco City Vehicles

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