News blog
Eco City Vehicles
- BY: Andrew Hore |
- POSTED: 25/07/2011 |
Taxi supplier and distributor Eco City Vehicles has won an order for 10 new Euro V Mercedes Vito taxis from Computer Cab.
Computer Cab is launching a fleet of environmentally friendly taxis and Eco City expects to generate more orders.
Annual costs will be reduced by £500,000 following the transfer of second-stage manufacturing of the Vito taxi to Mercedes Benz.
Reported revenues were flat in 2010. Stripping out the contributions from the LTI tax dealership the underlying growth in revenues was 10%. The loss was reduced from £393,000 to £265,000. Net debt was £2.85m at the end of 2010.
An all electric prototype Mercedes eVito taxi was launched in February 2010.
Trading was weak at the beginning of the year but it is picking up. A 15-year age limit is being brought in for London licensed taxis and this, along with vehicle emissions legislation, should help longer-term demand.
At 3.88p a share, up 0.25p, Eco City is valued at £13m.
Download the June 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2011_22.pdf
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