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.