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Record losses at Rover Group

23rd May 1987, Page 8
23rd May 1987
Page 8
Page 8, 23rd May 1987 — Record losses at Rover Group
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Which of the following most accurately describes the problem?

• The State-owned Rover Group made a record £892.1 million loss last year (2138 million in 1985), bringing the total amount of taxpayers' money spent since the Government rescued the original BL company 12 years ago to £2.87 billion.

The latest figures reveal the final one-off costs resulting from the restructuring and sale of Leyland Trucks and Freight

Rover to Daf, along with the privatisation of Leyland Bus and Unipart, which total £539.2 million. The provision of £680 million in new equity by the Government in March will only cover the latter.

Within the Rover Group few operating divisions made any profit, with the exception of the Land Rover Group — which returned an unchanged operating profit of 23.3 million.