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TVR losses total £11m

TVR, the Russian owned sports car maker, has reported a pre-tax loss of £11m in 2004. Bought by Nikolai Smolenski in July last year, the firm recorded a loss of £997,000 in 2003.

TVR’s accounts state that 'the loss for the year is mainly the result of the inherited accounts with a particular emphasis on stock'.

Turnover at the Blackpool firm was down by 22% to £16.7m, but the company said that continuing funding would support the company's future growth.

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