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[ECV]The interim results released today reflect rising demand for the ECV-developed new Mercedes-Benz taxi, which is rapidly gaining market share and has firmly established itself as the latest incarnation of one of London's most widely recognised icons. The cab's growing popularity is not only proof of its quality but also a terrific achievement for the Group and their partners. They are now actively considering stepping-up production of the Vito taxi at their Coventry site over the next few months.
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Increased turnover 22 per cent to £12.4 million in the six months to June 2009. [ECV] says the Mercedes Benz taxi outsold the old-style TX4 taxi by almost four-to-one during the first half year, which also saw it launch the 3.5-tonne hybrid Mitsubishi truck in the UK, provoking ‘excellent market feedback’. Chief executive Peter Da Costa says the new Mercedes Benz taxi has won 25 per cent of the London new taxi market since its launch and the company is considering stepping up production at its Coventry site. He adds the board looks forward to the second half results ‘with cautious optimism’.
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Supplier of eco-friendly commercial vehicles and the London licensed taxi, today held a teach-in for institutional investors at its offices in London. A copy of the Company's latest presentation is available on the website, http://www.ecocityvehicles.com/.
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[ECV] This developer and supplier of eco-friendly commercial vehicles and the London licensed taxi, is pleased to announce that it has reached a significant milestone with the sale of the Group's 500th Mercedes-Benz Vito taxi (Vito). The sale reflects continued solid demand for the Vito since its launch in July last year, making it an increasingly familiar sight in the capital. [ECV] has sold approximately 100 more Vito taxis since announcing its interim results on 29 September 2009, increasing the cab's share of the London new taxi market to 30% from 25% over the period.
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[ECV] 2010 outlook. Makes interesting reading. http://www.ecocityvehicles.com/files/ecv050110outlook.pdf
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[ECV]. The developing story just gets better. http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10368697
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[ECV] Extracted from Final Results reported today inter alia... Peter DaCosta, Chief Executive of Eco City, said: "Despite a tough economic environment, Eco City has delivered solid results for 2009. This reflects strong demand for the London-licensed Mercedes Vito taxi, which made its first full year sales contribution to the Group last year, and continues to set the pace for new taxi sales in the capital. "While trading conditions remain challenging, in particular due to the impact of recent airline disruptions on the taxi trade, we remain on track to report another year of progress. The Vito has established itself as a favourite with corporate London. With the total number of Vito taxis sold now more than 700, production has been stepped up from eight to twelve per week at our site in Coventry. As a result we look to the future with cautious optimism."
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[ECV] an excellent set of numbers published recently. Market will warm to this "green" tiddler soon in my opinion, the share price looks like sparking into life. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10517871 http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10666221
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[ECV] All sounds positive for the likes of this tiddler co. http://www.london.gov.uk/media/press_releases_mayoral/mayors-tough-new-air-quality-standards-remove-dirtiest-black-cabs-londo
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[ECV]The Mayor of London proposals are in line with ECV's strategy and are expected to benefit the Group's business over the long term as older taxis get replaced and existing fleets require more frequent inspections. Since its launch in June 2008, the Mercedes Vito has captured a 27% share of new London taxi sales. In addition, KPM Taxis, a subsidiary of ECV, is a registered MOT centre and well placed to carry out the inspections and the extra work it will bring to the dealership. Peter DaCosta, Chief Executive of ECV, commented: "We welcome and fully support Mayor Boris Johnson's proposal to remove the older and more harmful polluting cabs from the streets of London. Under the plans, such black cabs will have to be replaced and we believe the popular Vito, which will be compliant with the Mayor's new clean air standards for London taxis, to be a premium quality choice for cabbies looking for a greener option. Over 1,200 old taxis will be immediately affected by the tighter standards and this number will increase materially as more vehicles fall outside the new age bracket. We are also confident that the growing popularity of the Vito, alongside ECV's development of an all electric taxi, will help the Mayor and London meet its European air pollution targets."
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[ECV] This developer and supplier of eco-friendly commercial vehicles and the London licensed taxi, announces its results for the six months ended 30 June 2011. Financial highlights · Total revenues decreased by 9.2% to £11.6m (H1 2010: £12.8m) as sales of the outgoing Euro IV Vito slowed ahead of the highly anticipated launch of the new Euro V model in April 2011 · Gross margin at 13.7% (H1 2010: 17.7%), reflecting lower pricing of Euro IV Vito taxis to clear out inventory of outgoing model · After sales division revenue broadly unchanged at £1.6m with sales into Mercedes-Benz market up by 216% year-on-year, accounting for majority of division's revenue · EBITDA loss from continuing operations before non-recurring items amounted to £0.48m (H1 2010: £0.1m profit) primarily due to One80 Limited, ECV's technology subsidiary. Excluding One80 Limited, like-for-like EBITDA loss was £0.2m Operating highlights · Total new Vito units sales at 171 (H1 2010: 234) · Launched new, improved Euro V compliant version of Vito London-licensed taxi, well ahead of tighter European Union emission regulations in 2012 · Second stage manufacture of Vito in Coventry transferred to Mercedes-Benz · Developing Mercedes-Benz Light Commercial Vehicles (LCV) after sales dealership, further strengthening relationship with Mercedes-Benz · Gained service agency for Modec electric vehicles in London · Implemented restructuring plan to reduce annual cost base by £0.5m, with initial benefits expected in the second half of 2011 Outlook · Demand for new taxis has improved amid growing interest in the latest 'Blue Efficiency' (Euro V) Vito taxi, with its share of the London taxi market building momentum · On track to return to EBITDA profit in the second half 2011, driven by cost cutting, return to revenue growth and a recovery in gross margins vs. the first half · Well placed to benefit from new EU environmental regulations and 15-year age limit rules for London taxis from 2012, representing a potential replacement market of about 3,000 vehicles
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[ECV] Trading Update Despite continued difficult conditions in the automotive sector in 2011, the Group saw slightly improved vehicle revenues during the second half and closed the year with a strong finish in new taxi sales. As expected, demand for the new model Euro 5 London-licensed Mercedes Vito gained increasing momentum as the taxi trade faced the onset of new age limits in London and more stringent EU vehicle emission legislation from 2012. The Vito Euro 5 complies with the new EU emission standards, as well as provides other benefits such as improved fuel efficiency, comfort and six seat capacity. During the autumn, the Group, supported by Mercedes-Benz, introduced a highly competitive hire purchase scheme and other promotional initiatives to spur sales, contributing to robust sales in November and December. Strong sales momentum has also continued into 2012 with more than doubled unit sales of new taxis achieved in January compared with the same period last year. Based on Public Carriage Office data, the Group increased its market share of new London licensed taxi sales to 23% for 2011 as a whole, up from 21% reported for the first half of last year. Based on the latest three months sales, the Vito's market share has increased further and is estimated in excess of 30%. The Group estimates the new rules affecting the London licensed taxi industry will create a potential replacement market of approximately 3,000 vehicles in London, providing a solid growth opportunity for 2012 and beyond. During 2011 the Group was impacted by higher-than-expected warranty costs incurred by One80 Ltd, its intellectual property subsidiary. As a result, EBITDA for the second half is expected to be broadly neutral, compared with an EBITDA positive result expected by the Group previously. The warranty issue affecting One80 has since been addressed and is expected to have little impact in 2012. A major restructuring programme across the Group including One80 has already been implemented and expected to realise annual cost savings of approximately £0.5 million in 2012. These cost savings, together with an anticipated increase in new taxi sales, are expected to contribute to a return to positive EBITDA in 2012. The cash position remains tight due to the challenging conditions in 2011 and the Group is reviewing its funding arrangements with the full support of its bank and the KPM-UK Taxi Plc Discretionary Pension Scheme ("Pension Scheme"). As first announced on 3 June 2010, a loan facility is provided by the Pension Scheme, whose beneficiaries are Peter DaCosta, Michael Troullis and Keith Marder, all executive directors and shareholders of the Group. To date the Pension Scheme has provided the Group a long term loan in total of £1 million. A further announcement will be made in due course. One80 Ltd The Group has increased its shareholding in One80 from 58.8% to 76.6% as a result of subscribing in a £0.23 million rights issue by One80. In August 2011 One80 also raised a loan of £0.25 million which has been utilised along with the rights issue to decrease the liability outstanding to ECV. The Group expects a reduction in ongoing warranty costs compared to last year, resulting in a significant EBITDA contribution to the Group this year.
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[ECV]Developer and supplier of eco-friendly commercial vehicles and the London licensed Mercedes Vito taxi, is pleased to announce the following trading update and changes to its board of directors. Summary: · Mercedes Vito more than doubles share of new London licensed taxi market to 37% in first quarter 2012 · New London Vito taxi licenses up 244% to 203 vehicles in Q1 2012 (Q1 2011: 59) · Directorate changes streamline Board structure Trading has remained robust since the previous announcement on 31 January 2012, when the Group reported a strong start to the new year with a doubling in new Mercedes Vito taxi sales in January compared with the same period in 2011.The Group has continued to enjoy solid demand over the subsequent months and throughout the first quarter. Based on Transport for London (TfL) data, the Mercedes Vito increased its share of the new London licensed taxi market to 37% in the first quarter of the year, more than doubling from a 16% share in the same period last year. New Vito taxi licenses increased by 244% to 203 vehicles in the quarter vs. 59 in the same period last year, and 331 for the whole of 2011. This means that first quarter new licenses in 2012 represented 61% of the annual license sales achieved last year.The surge in new taxi sales reflects the growing popularity of the latest version of the Blue Efficiency Vito taxi, which was launched a year ago and complies with stringent new European Union vehicle emission standards as well as providing superior quality, improved fuel efficiency, comfort and six-seat capacity. The second quarter has started well and April saw the introduction of a new Mercedes-Benz (MB) funded initiative whereby MB will provide the purchaser of a new Euro 5 model taxi £1,500 in exchange for cab-owners carrying MB advertising for 18 months. The scheme, introduced after discussions with TfL, in support of initiatives to deliver cleaner air for London provides an additional incentive to taxi drivers affected by the 15-year age limit on London licensed "black cabs" that came into force earlier this year. The Group estimates that the new rules will create a potential replacement market of approximately 3,000 vehicles in London, providing a solid growth opportunity for 2012 and beyond.Further to the announcement of 31 January 2012, the Group has today entered into an agreement with KPM-UK Taxi Plc Discretionary Pension Scheme (the "Pension Scheme"), whose beneficiaries are Peter DaCosta, Michael Troullis and Keith Marder (all directors and/or shareholders of the Group) to provide the Group with a short term loan of £0.5 million to provide working capital for the continued growth of the business. Interest will be payable at a fixed rate set at 3.9 per cent. above the average base lending rate of six high street banks on the sixth day following drawdown rounded up to the nearest multiple of one quarter per cent. ("Base rate"). Of this total, £0.25 million is due to be repaid in three months and £0.25 million is due to be repaid at the earliest of three months following demand or within fifteen months from the date of the loan. The receipt of the loan is expected by 31 May as the Pension Scheme is in the process of securing the liquid funds. This loan will be covered by the existing fixed and floating charge over the assets of the Group, excluding the leasehold property, in favour of the Pension Scheme. This loan is in addition to the loans disclosed in Table 1 below. The aggregate outstanding balance with the Pension Scheme prior to today was £1 million, as stated in the Group's announcement on 31 January 2012, which includes a remaining balance of £680,000 in relation to the £850,000 loan announced on 3 June 2010. In accordance with AIM Rules 13 and 16, the loans set out in Table 1 are required to be aggregated and classified as a related party transaction for the purposes of the AIM Rules for Companies. Accordingly, the independent Directors (being all of the Directors other than Peter DaCosta, Michael Troullis and Keith Marder), having consulted with Numis Securities Limited (in its capacity as the Group's nominated adviser), confirm that they are satisfied that the terms of the agreements are fair and reasonable insofar as shareholders in the Group are concerned. The cash position of the Group remains tight following the challenging conditions in 2011. In addition to these loans provided by the Pension Scheme, the Group maintains the full support of its bank and is continuing to consider other funding options.
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[ECV]Revised financing arrangements with Mercedes-Benz. Effective immediately, Mercedes-Benz has increased the Group's existing stocking facilities to £5.75m from £4.95m in order to support the working capital required for the continued growth of the business. The terms of the facilities are in line with the Group's existing facilities and will enable the Group to order additional taxis from Mercedes-Benz when required. In order to facilitate the extension of this stocking facility, KPM-UK Taxi Plc Discretionary Pension Scheme (the "Pension Scheme"), whose beneficiaries are Peter DaCosta, Michael Troullis and Keith Marder (all directors and/or shareholders of the Group), has agreed a letter of subordination addressed to Mercedes-Benz Financial Services UK Limited ("MBFS") in relation to the balance of £1.0 million (the "Pension Loan") of the Pension Scheme's loans to the Group which were in existence prior to ECV's 2 May 2012 announcement. Pursuant to this letter the Pension Scheme has undertaken, inter alia, to MBFS to maintain the Pension Loan until 31 March 2013 by lending back to the Group, subject to HMRC rules, within 30 days of receipt any repayment of principal amounts. If ECV raises further capital, or acquires any asset, by issue of shares, the level at which the Pension Scheme is obliged to maintain the Pension Loan shall reduce by the same amount. The cash position of the Group remains tight following the challenging conditions in 2011. In addition to the extension of this facility by Mercedes-Benz and the loans provided by the Pension Scheme, announced on 2 May 2012, the Group maintains the full support of its bank and continues to consider other funding options
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[ECV] Results for the six months ended 30 June 2012. Financial highlights · Total revenues increased by 40.5% to £16.4m (H1 2011: £11.6m) reflecting the increased momentum of sales and popularity of the latest Mercedes Vito Euro V model · Gross margin slightly increased to 13.9% (H1 2011: 13.7%) · EBITDA before non recurring items increased by £0.8m to a profit of £0.3m (H1 2011: £0.5m EBITDA loss) primarily due to increased contribution from the vehicle sales division coupled with the return to gross profit of the Group's technology subsidiary, One80 Limited ("One80") · Net loss excluding non recurring items reduced to £0.1m (H1 2011: £1m) Operating highlights · Total new Vito licenses in the six months period increased by 116% to 324 (H1 2011: 150) being 98% of the license sales achieved in the whole of last year · Increased share of the new London licensed taxi market to 38.3% (H1 2011: 21.1%) based on Transport for London data · Inventories reduced by 36.7% to £1.9m (H1 2011: £3m) · Increased shareholding of One80 from 58.8% to 76.6% as a result of subscribing in a £0.23m rights issue by One80 Post balance sheet events · Firm share placing to raise £1.75m to reduce debt and provide working capital · Board changes to position the Company for the next phase of its development · Improved loan repayment schedules · Acquiring the benefit of a loan provided to One80 secured against certain of its assets
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[ECV] Trading update for the year ended 31 December 2012. Summary: · New Vito sales increased by 71% to 561 vehicles in 2012 (2011: 331) · Revenue for the year ended December 2012 increased by 40% to £31.1m (2011 £22.2m) · EBITDA before non-recurring items is estimated to be in the region of £0.8m - £1m (2011: EBITDA loss £0.9m) · Net debt (being cash and cash equivalents together with long and short term borrowings) of £0.8m (2011: £3.1m) · Loss before tax from continuing operations and excluding non-recurring items amounted to £0.1m - £0.3m (2011: loss £2.2m) Trading has remained robust since the previous announcement on 7 September 2012, when the Group reported strong trading in the first seven months of the year followed by sales of 138 vehicles in the last quarter of the year. ECV has now sold in excess of 2000 Vito taxis. The latest version of the Blue Efficiency Vito taxi, which was launched a year ago, complies with stringent new European Union vehicle emission standards as well as providing superior quality, improved fuel efficiency, driver comfort, six-seat capacity and fully meets wheelchair accessibility standards. The strength in new taxi sales reflects the growing popularity of the latest version of the Vito Taxi as drivers continue to take advantage of the Mercedes-Benz three year Agility finance package which has been continued into 2013. John Swingewood, Chairman, said: "We are delighted with the continued improvement in performance over the last year and the return to positive EBITDA. This year has also seen a significant reduction in debt, disposal of non-core assets and the consolidation of our controlling position in One80 Limited that earns revenue through intellectual property licence fees from the manufacture of the Vito Taxi.
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[ECV] Taxi supplier [ECV] sold 561 vehicles in 2012 and the woes of rival cab supplier Manganese Bronze could prove positive for the company. ECV has sold more than 2,000 Vito taxis in total and sales grew by 71% last year. Revenues rose by two-fifths to £31.1m but ECV still made a small loss on continuing activities. Net debt was £800,000 at the end of 2012, following the disposal of a Coventry freehold property for £2m. . At 2.38p a share, up 0.2p, ECV is valued at £11.1m.
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[ECV] I describe Nigel Wray as a corporate raider who can recognise a good company with prospects when he sees one. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11531990
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[ECV] Appointed Trevor Parker as Chief Executive Officer (CEO) to lead the Group's next phase of development, effective 2 April 2013. Mr Parker, age 50, brings more than 20 years' leadership experience in the UK motor and leisure industry and succeeds Peter DaCosta, who becomes non executive director after 38 years with the business he founded. Mr DaCosta played a key part in the development of the Vito taxi and was responsible for the Group's growth from a small taxi repair shop to the largest distributor of licensed London taxis. He will continue to provide [ECV] with consultancy services to source and assess new opportunities for the Group. Jeremy Fenn, currently a NED, is also retiring from the Board. These appointments follow the Group's announcement of 7 September 2012 to refresh its Board to lead the growth of the Mercedes Vito taxi in the London market and to develop new regional markets and further niche products. A former Royal Marine Commando, Mr Parker has previously held senior executive roles at a number of major motor retailers including Dixon Motors plc, Lookers plc and RBS Car Division. For six years he also served as chief executive of Discover Leisure PLC, Britain's leading caravan and motor home retailer, which he led from a single site to Britain's leading caravan and motor home retailer. He subsequently managed a major restructuring at the business in response to the 2008 credit crisis. In the past year, he has advised a range of companies in the Middle East and Africa as a management consultant. John Swingewood, Chairman, said: "We are delighted to welcome Trevor Parker as CEO of [ECV]. Trevor brings a wealth of motor industry and PLC experience to lead the Group through the next phase of its development. The Group will also continue to benefit from Peter's wise counsel both as a non-executive director and as a consultant to the group. I would also like to thank Jeremy for his valued contribution to [ECV]." Commenting on his appointment Trevor Parker said: "I have been impressed with the strong market position carved out by [ECV] in the London taxi trade through the launch of the innovative Mercedes Vito taxi. This provides us with a solid platform for further growth and long term expansion into niche sectors where we can leverage our key strengths."
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[ECV] Appointed Jonathan Moritz as Finance Director with effect from 24 June 2013. He succeeds Ran Oren who is stepping down as Interim Finance Director following the Group's return to EBITDA profit last year. Mr. Moritz, aged 45, joins the Group as it prepares for a new growth phase under a new executive team led by Trevor Parker, who came in as chief executive in April this year. A qualified chartered accountant, Mr Moritz brings more than 18 years senior corporate experience, in particular from the automotive and engineering sectors. In a nine-year stint at Inchcape PLC, he served as Finance Director of three of its subsidiaries - Daihatsu UK, Seaking Automotive, and Inchcape Fleet Solutions. Mr. Moritz previously also worked as a consultant to Avis Europe, and as a Divisional Finance Director in the global Pattonair division of UMECO PLC. Following the sale of Pattonair to private equity, he served as its Group Operations Finance Director. John Swingewood, Chairman of ECV, said: "Jonathan joins the Group at an exciting time as ECVdevelops a long term strategic plan to grow vertically into the London licensed taxi industry and diversify into the light commercial vehicle market. His industry background complements the executive team's experience in the motor industry and he will play a key part in delivering the Group's corporate and financial goals in the years ahead. "At the same time I would like to thank Ran for his invaluable contribution over the past year and half and we wish him well for the future." Mr. Moritz said: "I am delighted to join ECV which has successfully cemented a strong position in the London taxi market due to the increasingly popular Mercedes Vito. I look forward to working with Trevor and the Board at an exciting time for the Group as we look to build for long term growth."
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[ECV] Has had a torrid time of it ! Latest news: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12263500.html [ECV] Looks like it is morphing into a quasi cash shell. With the CVA settled and a share re-organisation. Re-capitalisation will follow and a change in investment policy should follow.
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[ECV] Company's ordinary shares of 1 penny each ("Shares") have today been admitted to trading on AIM. This follows the successful completion of the refinancing and capital restructuring (as described in the announcement of 26 February 2015 (the "Announcement")) and the lifting of the suspension of trading in the Company's Shares with effect from 8.00am today. All elements outlined in the Announcement are now in effect. The Company has a total of 28,770,692 Shares in issue and admitted to trading on AIM. John Swingewood, Chairman of the Company, commented: "The return to trading of the Shares completes the first phase of achieving value for shareholders after a difficult period. The Board and its advisors are actively seeking to identify suitable acquisition targets: companies in the media and technology sectors, with solid business models and attractive growth prospects."
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[ECV] [MTV] A perfect marriage ?