30th Sep 2014 10:18
LONDON (Alliance News) - Eco City Vehicles PLC Tuesday said its shares remain suspended and it won't be able to publish its interim results by the September 30 deadlines due to the financial uncertainty it is facing.
Last week, the developer and supplier of the London-licensed Mercedes Vito taxi said administrators had been appointed for its One80 and KPM Taxis subsidiaries.
Last month, Eco City Vehicles blamed taxi booking app Uber and London Mayor Boris Johnson for causing its market to remain challenging in the first half of the year. Revenue in the six months to June 30 declined by 33% to GBP11.14 million, down from GBP17.0 million a year earlier, as new Vito taxi sales declined to only 139 vehicles, compared with 299 in the first-half of last year. It said the Vito's share of the new London licensed taxi market fell to 24%, from 44% a year earlier.
"The directors of ECV continue to evaluate the options available the group and further announcements will follow in due course," the company said in its short statement Tuesday.
By Steve McGrath; [email protected]; @stevemcgrath1
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