AM Online

All quiet at MG Rover after one year of independence

MG Rover has postponed its announcement on the financial state of the company one year after it gained its independence from BMW.

The company, which celebrates its 'independence day' today, could give no reason for the delay. A spokeswoman said: “We've simply decided to hold it later in the month, on a date yet to be decided.”

MG Rover is expected to reveal that it has cut losses from £750m in 1999 while under BMW control to around £300m in the first eight months since the Phoenix Consortium took control.

To mark the first anniversary the company's new MG-badged product range, plus its Le Mans racing car, are being displayed at the gates of Longbridge.

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