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MG ROVER GROUP ON TRACK TO BREAK EVEN IN 2002
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Today MG Rover Group announced results for the 8 month period ended
31 December 2000. The main highlights are as follows:
Turnover
£961M
Loss before exceptional items and tax
£(254)M
Net cash
£329M
Retail Sales
111,800
The loss of £(254)M was less than half the operating loss incurred in the full year 1999 (c£(780)M). This represents a significant improvement in the underlying business performance. The overall year end cash position of £329M was ahead of the business plan and included the £200M long term loan from BMW. The achievement of 111,800 retail sales was ahead of the business plan by 900 units. Furthermore the level of sales in the most profitable markets and customer channels was higher than planned. A summary of other achievements to date and an outlook statement for 2001 are attached.
Kevin Howe, Chief Executive said: "Our 2000 performance was better than our business plan in all respects and represents a major step towards our target of overall business profitability. During the year we have made progress in many areas. We reduced by more than half the operating loss of the business, consolidated our production on the Longbridge site, entered new overseas markets and introduced five new models to our existing MG and Rover product portfolio."