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May announcement from MG Rover on financial health

MG Rover is denying reports that its losses will be halved this year, saying it will reveal the true picture of its financial health in May.

According to the national press Rover has cut the rate of losses, which ran at £2m a day when it was owned by BMW, and now expects to be in profit in spring.

However, an MG Rover spokeswoman said: "The figures being quoted are incorrect. We are not saying anything on our performance until May 9."

Kevin Howe, MG Rover chief executive officer, and John Towers, head of the Phoenix Consortium which bought the company from BMW, will meet with the press that day, probably at Longbridge. Final details have yet to be revealed.

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