1 September 2014

Manganese takes black cab to Azerbaijan

03/03/2011 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

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 2014

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1,044 AIM-quoted companies. The full report is available to order for £365 + 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

Amur is highly active in Russia

Amur updates reserves 29/08/2014

Russian copper play Amur Minerals (AIM:AMC) has upgraded the mining reserves of its Kun-Manie site by 25 per cent. 

Tags: Mining

 Beowulf still roaring 29/08/2014

Swedish iron ore play Beowulf Mining (AIM:BEM) has reported its interim results.

Tags: Mining

Mosman makes Trident bid 22/08/2014

Australasia-focused Mosman Oil and Gas (AIM: MSMN) has announced the terms of its bid for Australian oil play Trident Energy.

Magnolia issues production update 22/08/2014

US-focused oil play Magnolia Petroleum (AIM:MAGP) unveiled a reserves and production update.

Tags: Oil and gas

RapidCloud buys Exxelnet 15/08/2014

Malaysian cloud computing specialist RapidCloud (AIM:RCI) has completed the acquisition of Singaporean SEO outfit Exxelnet.

Tags: Acquisitions, Technology

Zanaga gets mining approval 15/08/2014

Mining group Zanaga Iron Ore (AIM:ZIOC) has won approval for a licence within the Republic of the Congo.

Tags: Mining

More News