MG ROVER owner Phoenix Venture Holdings has announced a pre-tax loss of £187 million for the year to December 31, 2001.

The loss is half of the previous year's amount and Phoenix believes that bringing the engine and transmission business, Powertrain, within the group as well as future new models with joint development secured with China Brilliance, should ensure success. The company says the strength of the pound against the Euro has prompted it withdraw non profitable vehicles from sale abroad which hit total sales.