Shares in Manganese Bronze were flat on the FTSE AIM All Share after the maker of black cabs reported a fall in its losses before tax in the full year ended 31 December 2010.

Group revenue declined 4.8 per cent to £69.6 million in the period, while pre-tax losses declined from £7.3 million to £6.3 million.

Although losses fell the company said that its net debt had nearly tripled from £5.1 million to £14.4 million.

During the year Manganese said it had sold 226 vehicles internationally, up 8.1 per cent from the previous year. Closer to home the group increased its market share in London rose from 75 per cent to 82 per cent.

Looking ahead the group said it had an order book of 1,250 vehicles, of which a 1,000 are destined for Azerbaijan.

John Russell, Chief Executive of Manganese Bronze, said, "2010 was another difficult year for our UK taxi manufacturing operation. However, the actions taken to return the Group to profitability have now been completed, culminating with the successful launch of the new TX4 model range and the rebranding of the manufacturing and dealer facilities as The London Taxi Company.

"Our relationship with Geely is crucial to the Group's long term success, and it has been further strengthened by the appointment of George Zhao and Frank Cao to the MBH Board. The order for 1,000 London taxis from the Republic of Azerbaijan through Shanghai LTI that was signed earlier this month demonstrates its potential.

"The Board is confident that, with the extension of credit terms from Geely, the continued support of the Group's bankers, and the improvement in operating margins delivered by restructuring, the Group is well positioned to return to profitability in 2011 and make further progress with joint initiatives with Geely."

By 10:40 shares in Manganese Bronze were flat on the FTSE AIM All Share at 46.38 pence per share.

FTSE