Manganese Bronze Holdings PLC
                             Statement by Chairman at AGM

For immediate release                                          24 November 2000

During the first quarter of our financial year new taxi sales were well below
the corresponding level for last year.  We publish these figures every month
on our website www.manganese.com and it can be seen that first quarter sales
have fallen from 818 taxis to 584.  This is the biggest single factor in
determining Group profits which are therefore expected to be significantly
below current market expectations both at the interim stage and for the full
year.

In London, although taxi drivers are continuing to enjoy favourable business
conditions, there has been a fall in demand for new taxis brought on by rising
fuel and insurance costs as well as downward pressure on the residual values
of Fairway taxis, the model superseded by the TX1.  Despite this sales
shortfall we are continuing to put a lot of effort into further quality
improvements at our factory in Coventry.  We are resolving a problem with the
mountings of some steering boxes by means of a recall which was announced on
3rd November 2000.

In the meantime we are pursuing other business opportunities.  In particular
we recently received the first of ten quarterly cash payments of $200,000
under an exclusive licence agreement with Parachute Inc., a start-up venture
in California.  This involves our design of a TX1-like face-lift for Chrysler
PT Cruisers, to be used for the delivery of high value goods to consumers'
houses.  We have additionally recovered all our development costs so far and
are also involved in the negotiation of other TX1 opportunities in North
America.

We have secured new orders recently at our Advanced Sintering business which
have had an immediate impact on factory activity.  Precision Castings and
Metal Powders are both ahead of last year.  Deans Powered Doors continues to
make very good profits and we have recently strengthened this business through
the acquisition of Deans' Hong Kong agent, George Vint, for a cash sum of
#185,000.

Taxi sales are difficult to predict based on one quarter's numbers. Taxi usage
appears to be high, but the picture is confused by the current disruption of
the railway system.  Although business conditions are difficult, we are
continuing to seek opportunities to develop and improve both our core
businesses and we remain positive about our long-term prospects.


For further information please contact:
Jamie Borwick, Chief Executive, Manganese Bronze Holdings PLC     020 7776 9000
David Haggie, Haggie Financial Limited                            020 7417 8989