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| London black cab maker Manganese Bronze in £4m IT error | London black cab maker Manganese Bronze in £4m IT error |
| (39 minutes later) | |
| A manufacturer of London black cabs has revealed a £4m hole in its accounts and warned of mounting losses. | A manufacturer of London black cabs has revealed a £4m hole in its accounts and warned of mounting losses. |
| Coventry-based Manganese Bronze saw its shares fall 34% after saying it expected "substantially higher" losses for the first half of the year. | Coventry-based Manganese Bronze saw its shares fall 34% after saying it expected "substantially higher" losses for the first half of the year. |
| The company blamed the accounting mistake on its new IT system, which meant losses, dating back several years, had been understated by £3.9m. | The company blamed the accounting mistake on its new IT system, which meant losses, dating back several years, had been understated by £3.9m. |
| The company has delayed announcing its half-year results until next month. | The company has delayed announcing its half-year results until next month. |
| Manganese said a combination of "system and procedural errors" meant a number of transactions and balances were not transferred to the new IT system when it was introduced in August 2010. | Manganese said a combination of "system and procedural errors" meant a number of transactions and balances were not transferred to the new IT system when it was introduced in August 2010. |
| Environmental targets | Environmental targets |
| The company, 20% owned by Chinese car maker Geely, has struggled due to weak demand over the past few years. | The company, 20% owned by Chinese car maker Geely, has struggled due to weak demand over the past few years. |
| In 2011 it reported a 9.1% drop in UK sales, although overseas revenues were stronger. | In 2011 it reported a 9.1% drop in UK sales, although overseas revenues were stronger. |
| Manganese said it continued to trade at a loss as conditions remained "challenging". | Manganese said it continued to trade at a loss as conditions remained "challenging". |
| It predicted higher sales in the second half of the year, but said it was unsure if it would be on track for its full-year forecasts. | It predicted higher sales in the second half of the year, but said it was unsure if it would be on track for its full-year forecasts. |
| The company is due to introduce its new Euro TX4 taxi, designed to meet new environmental targets set by London Mayor Boris Johnson. | The company is due to introduce its new Euro TX4 taxi, designed to meet new environmental targets set by London Mayor Boris Johnson. |