Scrappage scheme fails to halt Manganese slide

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Up to a fifth of sales are currently coming from the scheme, chief executive John Russell said.

The company sold 1035 vehicles in the period, 11.5% fewer than in the same period the previous year, despite a doubling in demand from overseas. Cab drivers are unwilling to commit to buying a new cab in the recession, Manganese said.

But Russell reckons that the future of the company lies in expanding abroad: "We want the taxis to be everywhere in the world. Initial orders are from Europe and the Middle East. People are interested in the taxi itself, but they are also interested in the entire service. They even ask if we can export the taxi drivers too."

Manganese made a pre-tax loss of £600,000 in the six months to 30 June, compared with a profit of £1.5 million in the same period the previous year.

Russell added that sales have been very volatile recently, but that the company saw a slight pick-up in May and June.

Manganese plans to return its UK arm to profitability through scrapping its contracts with its independent main dealers and expanding its own dealership network.

The recall of the exploding TX4 taxis is now almost complete.