22 October 2016

Manganese takes black cab to Azerbaijan

03/03/11 Ben Jaglom

Manganese Bronze (MNG), the manufacturer of the London Taxi has announced that it has won a substantial order from the Republic of Azerbaijan.

The company, which last year moved to AIM after 70 years on the main market, reported that it would be supplying 1,000 taxis in a deal worth $27 million through its joint venture with Chinese car manufacturer Geely with a new private company 'the Baku Taxi Company' having been created to update the capital's fleet with London taxis.

Speaking to Growth Company Investor, CEO John Russell explained that the 'oil-rich country' had been talking to Manganese 'for a year' adding that the country had decided it wanted to upgrade its taxis and that Manganese represented the 'best prospect' for new taxis.

Conceding that it is 'an unusual place' Russell notes that it does have 'a direct flight from Heathrow to Baku.' Russell argued that London's taxis are known for having 'the best service' of anywhere in the world which he opined was 'half because of the taxi and half because of the customer service.'

As part of the goal of maintaining the reputation of the London taxi, he remarked that Manganese would be undertaking training in Baku on getting local drivers 'up to speed' that would include the development of 'customer handling skills' and the usage of the taxi, with Russell enthusing that Manganese can make versions 'for almost any conditions in the world.'

Looking forward he drew attention to recent sales to territories including Saudi Arabia and Bahrain, ading that the company is having 'a number of similar chats along the same lines.'

Recommended by Growth Company Investor in July at 41p, the shares, which have gained almost 50 percent this morning are currently trading at 55.25p having started the day at 37p. We reiterate our speculative buy advice.

Tags: An unusual place, Azerbaijan, Baku, Black cab, Direct flight to Heathrow, Guv'nor, Manganese Bronze

Cash Shells 2015

Published in September 2015 this annual research report provides a comprehensive overview of cash shells on the Main Market, AIM and PLUS landscape. Order your copy today


Superb investment toolkit for private investors

SharePad is the new web-based service from ShareScope. Easier to use and more powerful. Perfect for tablets, Macs and Windows PC. Covers ALL your investment requirements.

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2015

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1000+ AIM-quoted companies. The full report is available to order for £385 + VAT. Click here for more info


Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Latest News

STM completes smart deal 21/10/16

Specialist pensions administrator STM has completed the acquisition of London and Colonial which was announced at the time of last month’s interims. The deal is attractively priced, being earnings enhancing and offering scope to release regulatory capital.

Elecosoft acquires an ICON  17/10/16

Elecosoft has acquired software developer ICON for £2.4 million. This should fit well with Elecosoft’s German Esign unit which also supplies 3D visualisation software

Genedrive launches first test in India 12/10/16

Genedrive has undergone some significant changes over the last year. There’s a new management team in place and £6 million of fresh equity was raised over the summer to fund the commercialisation push.

Miton remains upbeat about small caps 11/10/16

The latest news in the UK fund management industry is the transatlantic merger of Henderson and Janus. So where does this leave managers at the other end of the scale like Miton? 

Sales still elusive at Fox Marble  07/10/16

It’s fair to say Fox Marble is one of the most intriguing yet frustrating shares on the market. It holds out the prospect of big dividends once the cash starts flowing from its marble quarries in Kosovo; but so far sales have been painfully slow to build.

ScS sitting comfortably 04/10/16

Sofa and flooring retailer ScS has produced a strong set of figures for the year ended in July. Revenues grew 15 per cent with double digit gains in all product categories and sales channels. According to CEO David Knight the consumer continued shopping throughout the year, including the periods before and after the referendum.

More News