Manganese quids in as Boris Johnson bans old cabs

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He has ordered that there can be no cabs over 15 years old on the road after January 1 2012, which means almost all the Fairways and Metros will disappear.

Manganese chief executive John Russell reckons it will affect up to 3,500 vehicles.

"There is some discussion in the trade as to how many cabbies will choose not to carry on in the trade. But the overall fleet is unlikely to shrink and we think the majority of those vehicles will be replaced.

"It also means a boost to the second-hand market as drivers are likely to change their cabs more frequently as they seek to buy newer models."

Manganese has undergone huge restructuring over the last three years with manufacturing moved to China and only assembly taking place in the UK. It has also taken control of all its own dealerships.

This meant the UK operation moved back into the black during November.

For the year pre-tax losses were reduced by 15% to £6.3 million but more than half of that was one-off restructuring costs. The operating loss dropped from £7 million to £1.9 million.

Russell also said that the traditional black cab had begun to win back market share from the new rival Mercedes Vito cab.

Manganese's share of the market had been running at 75% but since it launched the new TX4 in November that has risen to 86%.