Coventry cab firm LTI cuts losses

[dutchman]

Coventry taxi firm LTI say they might start making a profit again this year – after laying off dozens of workers here to reduce costs.



They’ve released their 2010 financial results, showing their operating losses were cut by 73% to £1.9 million.

Sales were also down, however, by 5% to £69.6 million – although LTI’s parent company Manganese Bronze say an order for 1,000 cabs to be shipped to Azerbaijan should boost 2011′s figures.

Manganese said sales in London should benefit from a new rule forcing taxis over the age of 15 years to be taken out of service, which is due to come into force at the start of 2012.

Chief Executive John Russell 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.”

Staff were made redundant from LTI’s Holyhead Road base in 2010 as part of a company restructuring that saw the bulk of production move to Shanghai, where operating costs are lower.