Black cab firm reduces its losses

London Taxis International, the Coventry-based firm which makes black cabs, has seen a significant drop in its pre-tax losses.

Annual figures show the company, the only UK manufacturer of black cabs, has cut its losses from £10.2m to £1.2m.

Domestic sales of the vehicles, made at the company's Holyhead Road site, have increased by 7.9%.

It follows a year which has seen a pay strike by workers and the launch of environmentally friendly vehicles.

'Significant reduction'

Earlier this year, staff staged a walkout over a 2.9% pay increase offer claiming it was not enough.

In June a version of the cab, which can run on both electrical and diesel power, took to the streets of London for the first time.

The figures released by parent company Manganese Bronze Holdings for the year to 31 July also show US exports have increased to 168 compared with 26 in 2003.

Manganese Bronze's chairman Tim Melville-Ross said: "It has been a year of progress for Manganese Bronze, with our loss before taxation significantly reduced.

"Our core black taxi business increased sales at home and abroad."