Taxi Driver Online :: View topic - LTI sales drop a fifth

Mr Russell said up to 6,000 of the 21,000 cabs in London were more than 10 years old. He expected taxi drivers who had been holding back in anticipation of the scheme to seize the opportunity to renew their vehicles.

London taxi maker’s sales fall sharply

Shares in Manganese Bronze fell 22 per cent after the maker of London taxis reported a 19 per cent fall in sales for the four months to the end of April. The company, which in March scrapped its dividend after a “significant downturn” in sales, sold 699 vehicles in the period, down from 860 in the comparable period last year.

It blamed the macro economic backdrop, but pointed out March last year had been a record month for taxi sales. John Russell, chief executive, also said the decline was in line with expectations. He added: “Frankly, I am surprised that the shares have moved so much”.

The shares fell to a low of 47p after the dividend cut in March, when the group reported a loss of £14.2m. They closed yesterday at 98p. Manganese Bronze also said it would be taking part in the government’s car scrappage scheme, which begins next week and offers £2,000 to customers trading in vehicles that are at least 10 years old.

Mr Russell said up to 6,000 of the 21,000 cabs in London were more than 10 years old. He expected taxi drivers who had been holding back in anticipation of the scheme to seize the opportunity to renew their vehicles.

He expected taxi drivers who had been holding back in anticipation of the scheme to seize the opportunity to renew their vehicles

They're no different to any other vehicle manufacturer anywhere in the world.

When the economy picks up, so will the sales.

I gather Mr A, Thomasthetaxi, has just bought a new one.

As for myself, I'll be looking sometime in late 2010, and to be honest LTI has the best deals at the moment with KPM refusing to budge on the Vito price.

I heard there's a waiting list for the vito with rear steer? Can anyone confirm this?
If true, they won't be discounting the price just yet.

A nice looking motor, but that is all, the rest is unprintable.

As one of the afore mentioned 6,000 10 year old taxi (a trusty TX1) owners I have no intention of replacing it.
The TX2 is unreliable and expensive to repair as for the TX4...
I don't think I am alone in this reasoning.
Roll on the TX5!

The OFT should look into the closed shop mentality of these city councils. To blatantly order you to only buy a TX so you can legally ply your trade is discriminatory. It is anti-natural justice. If only I had the money to take it to court. Then onto the eu in Brussels. Anti-competitive practices must be stopped & reversed. The councils are 40 years behind everyone else its crazy!

cabby john wrote:

A nice looking motor, but that is all, the rest is unprintable.

A mate of mine has a 3-year old TX2, and it is just receiving it's sixth timing chain. :shock:

Author:	Sussex [ Wed May 13, 2009 8:12 pm ]
Post subject:	LTI sales drop a fifth
London taxi maker’s sales fall sharply Shares in Manganese Bronze fell 22 per cent after the maker of London taxis reported a 19 per cent fall in sales for the four months to the end of April. The company, which in March scrapped its dividend after a “significant downturn” in sales, sold 699 vehicles in the period, down from 860 in the comparable period last year. It blamed the macro economic backdrop, but pointed out March last year had been a record month for taxi sales. John Russell, chief executive, also said the decline was in line with expectations. He added: “Frankly, I am surprised that the shares have moved so much”. The shares fell to a low of 47p after the dividend cut in March, when the group reported a loss of £14.2m. They closed yesterday at 98p. Manganese Bronze also said it would be taking part in the government’s car scrappage scheme, which begins next week and offers £2,000 to customers trading in vehicles that are at least 10 years old. Mr Russell said up to 6,000 of the 21,000 cabs in London were more than 10 years old. He expected taxi drivers who had been holding back in anticipation of the scheme to seize the opportunity to renew their vehicles.

Author:	skippy41 [ Wed May 13, 2009 10:57 pm ]
Post subject:
Quote: Mr Russell said up to 6,000 of the 21,000 cabs in London were more than 10 years old. He expected taxi drivers who had been holding back in anticipation of the scheme to seize the opportunity to renew their vehicles. Yes with the Mercedes vito

Author:	gusmac [ Thu May 14, 2009 1:08 am ]
Post subject:	Re: LTI sales drop a fifth
Sussex wrote: London taxi maker’s sales fall sharply Shares in Manganese Bronze fell 22 per cent after the maker of London taxis reported a 19 per cent fall in sales for the four months to the end of April. The company, which in March scrapped its dividend after a “significant downturn” in sales, sold 699 vehicles in the period, down from 860 in the comparable period last year. It blamed the macro economic backdrop, but pointed out March last year had been a record month for taxi sales. John Russell, chief executive, also said the decline was in line with expectations. He added: “Frankly, I am surprised that the shares have moved so much”. The shares fell to a low of 47p after the dividend cut in March, when the group reported a loss of £14.2m. They closed yesterday at 98p. Manganese Bronze also said it would be taking part in the government’s car scrappage scheme, which begins next week and offers £2,000 to customers trading in vehicles that are at least 10 years old. Mr Russell said up to 6,000 of the 21,000 cabs in London were more than 10 years old. He expected taxi drivers who had been holding back in anticipation of the scheme to seize the opportunity to renew their vehicles. No mention of the under bonnet fires

Author:	toots [ Thu May 14, 2009 1:21 am ]
Post subject:
Quote: He expected taxi drivers who had been holding back in anticipation of the scheme to seize the opportunity to renew their vehicles One of my favourite traits 'optimism'

Author:	GBC [ Thu May 14, 2009 1:26 am ]
Post subject:
They're no different to any other vehicle manufacturer anywhere in the world. When the economy picks up, so will the sales. I gather Mr A, Thomasthetaxi, has just bought a new one. As for myself, I'll be looking sometime in late 2010, and to be honest LTI has the best deals at the moment with KPM refusing to budge on the Vito price.

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Author:	gusmac [ Thu May 14, 2009 1:47 am ]
Post subject:
I heard there's a waiting list for the vito with rear steer? Can anyone confirm this? If true, they won't be discounting the price just yet.

Author:	skippy41 [ Thu May 14, 2009 1:48 am ]
Post subject:
GBC wrote: They're no different to any other vehicle manufacturer anywhere in the world. When the economy picks up, so will the sales. I gather Mr A, Thomasthetaxi, has just bought a new one. As for myself, I'll be looking sometime in late 2010, and to be honest LTI has the best deals at the moment with KPM refusing to budge on the Vito price. The Vito is cheaper to start with, it does not go up in smoke, does not have useless gearboxes or need a radiator every 1K, its better on fuel by 20 miles has more room and can take a full sized wheelchair with ease the TX can only take a small one once Liverpool get the go ahead they will get the Vito or the E7 instead, what is the point of buying an over priced piece of tx sheit in the first place

Author:	skippy41 [ Thu May 14, 2009 1:52 am ]
Post subject:
gusmac wrote: I heard there's a waiting list for the vito with rear steer? Can anyone confirm this? If true, they won't be discounting the price just yet. most probably Guss, the quality is in the price and build and well worth the wait if necessary LTI have had there day, and the only way back is to put a very reliable engine and gearbox in them like a Toyota or a Nissan and sort out the radiators and I almost forgot the dodgy breaks if LTI could get the PCO to drop the unnecessary turning circle, they could even stretch them a bit to give the driver and passengers a lot more room, but they don't have the balls to do that

Author:	cabby john [ Thu May 14, 2009 4:04 am ]
Post subject:
Lti must be eating their hearts out because every time you see an E7,Merc,Doblo,VW, (you name it) out on the road - they represent a lost sale A nice looking motor, but that is all, the rest is unprintable.

Author:	Sussex [ Thu May 14, 2009 6:25 am ]
Post subject:
cabby john wrote: A nice looking motor, but that is all, the rest is unprintable. A mate of mine has a 3-year old TX2, and it is just receiving it's sixth timing chain.

Author:	Capt Taxi [ Thu May 14, 2009 9:43 am ]
Post subject:
As one of the afore mentioned 6,000 10 year old taxi (a trusty TX1) owners I have no intention of replacing it. The TX2 is unreliable and expensive to repair as for the TX4... I don't think I am alone in this reasoning. Roll on the TX5!

Author:	skippy41 [ Thu May 14, 2009 1:20 pm ]
Post subject:
Capt Taxi wrote: As one of the afore mentioned 6,000 10 year old taxi (a trusty TX1) owners I have no intention of replacing it. The TX2 is unreliable and expensive to repair as for the TX4... I don't think I am alone in this reasoning. Roll on the TX5! Would the TX 5 be the one without the turning circle with more room for the driver and passengers The one LTI should inform the PCO they will no longer make with the turning circle, as 99% of the Uk no longer require it The one without the cr@p ford engine, it should be fitted with the 2.5 Toyota or Nissan, even better the VW 2.5 They could even change the wheel size so that you can use nearly any make of tyre in the size they change to. And most importantly sold at around 20K

Author:	Smoked Glass [ Thu May 14, 2009 8:23 pm ]
Post subject:
The OFT should look into the closed shop mentality of these city councils. To blatantly order you to only buy a TX so you can legally ply your trade is discriminatory. It is anti-natural justice. If only I had the money to take it to court. Then onto the eu in Brussels. Anti-competitive practices must be stopped & reversed. The councils are 40 years behind everyone else its crazy!

Author:	captain cab [ Thu May 14, 2009 8:35 pm ]
Post subject:
Smoked Glass wrote: The OFT should look into the closed shop mentality of these city councils. To blatantly order you to only buy a TX so you can legally ply your trade is discriminatory. It is anti-natural justice. If only I had the money to take it to court. Then onto the eu in Brussels. Anti-competitive practices must be stopped & reversed. The councils are 40 years behind everyone else its crazy! From memory i think it already has been considered in europe and the councils won. CC

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Author:	GBC [ Fri May 15, 2009 3:42 am ]
Post subject:
Sussex wrote: cabby john wrote: A nice looking motor, but that is all, the rest is unprintable. A mate of mine has a 3-year old TX2, and it is just receiving it's sixth timing chain. How many miles? That's the most chains I've ever heard of for a 3 year old Taxi. Are they applying the correct tension? The ex-Ford mechanic who now runs Taxi Techin east London did tell me to replace it every couple of years for peace of mind along with the rubber drive belt. For £300 quid, I'm going to follow his advice.