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Vauxhall Motors halved losses in 2002

Vauxhall Motors and its subsidiary undertakings has reported a loss before tax of £51.4 million in 2002 against a loss before tax of £100.9 million in 2001. The loss in 2002 includes an exceptional write down of £38.4 million, relating to a programme of voluntary redundancies under the GM Europe 'Project Olympia' programme and £0.8 million in relation to the impairment of fixed assets. The loss in 2001 includes an exceptional write down of fixed assets of £36.8 million.

Vauxhall's gross profit was recorded as £229.9m in 2o002, which compared to £249.2m in 2001. The operating loss in 2002 was £60.1m, compared to £119.8m the year before. Vauxhall's loss after tax for the year amounted to £50.0 million (2001 - loss as restated of £78.1 million).

Vauxhall's turnover in 2002 was £3,231.2m, down from£3,457.4m in 2001. Total 2002 sales units were 2.56 million (2.46 million in 2001) with Vauxhall increasing volume by 8,480 units. Vauxhall's share of the market was 12.43% (12.61% in 2001) with 318,633 registrations.

Vauxhall's light commercial vehicle (LCV) results achieved the largest market share gains of any manufacturer, in 2002, up 2.43% to end with a 12.14% share (9.71% in 2001) of the UK market.

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