27 November 2015

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

Be Heard takes first step towards building a new digital ad network 25/11/15

Advertising industry veteran Peter Scott has returned to the stock market as Executive Chairman of Be Heard (AIM: BHRD). The company has just raised £5.5 million and acquired digital marketing and analytics business, Agenda 21. This is the first step on a journey towards building a new network of digital marketing agencies.

German work ethic is good news for Sirius 23/11/15

Sirius Real Estate (AIM: SRE) interim results show the company on track for a shareholder return in the mid-teens for 2015 as a whole. Net asset value rose by 5.5 percent in the first half, and adding the dividend makes a 7.3 percent return for this period. Further property acquisitions and the refinancing of a significant loan will help boost future periods.

McKay sees a solid outlook for SE property 18/11/15

Property investor McKay Securities (LSE: MCKS) has reported a good set of results for the half year to September. Having raised £130 million in new debt and equity last year, the company has been putting these funds to work.

Starcom looks for new products to unlock growth 18/11/15

Starcom (AIM:STAR) has been a very disappointing stock since it floated on AIM over two years ago. Based in Israel, it has a range of tracking products which should be a good play on the internet-of-things theme.

AB Dynamics motors ahead 12/11/15

Automotive testing system manufacturer AB Dynamics (AIM: ABDP) has produced an excellent set of results for the year to August. Revenue grew by 19 percent and operating profit was up 41 percent. The company has benefited from rising R&D spending by the automotive industry and is reaping the rewards of having built some strong relationships with its leading companies.

Falanx looks to benefit from cyber crime 09/11/15

The recent data breach at Talk Talk where thousands of customers had their personal information stolen has had a big negative impact on the company. However it also serves to highlight the opportunities for companies specialising in poviding cyber security.

More News