Cab maker Manganese in the mire
Black cabs fell into black holes yesterday as Manganese Bronze – maker of the well-known London taxi – said it had found accounting errors going back more than two years.
Days after the Spice Girls wowed the Olympic closing ceremony audience from the top of multi-coloured London cabs, the firm also warned that first-half losses will be "substantially higher" than last year's.
Manganese shares crashed by a third, falling 8p to 16.5p – their lowest for more than decade.
The company said the accounting errors meant it had overstated its profits by £3.9m.
It said the errors happened when it introduced a new IT system in August 2010 and transfers from the old system overstated some stocks and understated some liabilities.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies