Manganese Bronze said its new model London taxi had boosted sales by 39 per cent since it was introduced last October, as the group on Wednesday reported a 10 per cent rise in full-year pre-tax profits to £4m.

However, plans to take the iconic black cab global have slipped, with production via a joint venture with Chinese carmaker Geely now seen starting at the end of 2008, rather than the middle of that year. The campaign to sell lower-cost, Chinese-built cabs into international markets is being led by John Russell, who was appointed Manganese chief executive in March.

Overall sales volume for the year to the end of July rose 27 per cent to 3,153 vehicles, with growth being led by the new model, known as the TX4.

Manganese won regulatory approval for the China venture in June. A subsidiary of Geely, the Chinese partner, now holds 22.83 per cent of the company and has two non-executive directors on its board. Paul Stowe, a former quality director at Nanjing MG Motor, has been appointed to oversee operations at the joint venture.

Turnover rose 27.6 per cent to £106.9m. Earnings per share were 2.5 per cent higher at 15.4p. The board declared a second interim dividend of 3.5p, taking the full-year total to 5.75p, against 5p last year.

Manganese Bronze shares were unchanged at 818½p in early London trading.

The company has decided to align its reporting dates with those of Geely, meaning the next set of full accounts will be for the 17 months to the end of December

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