This morning’s interim results showed Eco City Vehicles (ECV) returning a small operating profit in H109 thanks to strong sales of the Mercedes Vito taxi. The cessation of the loss-making advertising business (£0.3m loss in H109, £0.6m loss FY08), stabilising economic conditions and the roll-out of Vito sales beyond London augur well for further profit improvement in H2. Progress is also being made on the longer-term Eco Vehicle plan. We will shortly release a full initiation report.

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