By Tom McGhie, DAILY EXPRESS
British Aerospace shares took off yesterday on the news that Rover had bucked the Continental trend by increasing sales by 13 per cent in the first six months of 1993. By the end of the day shares were up 15p to 420p as the City concluded the loss-making car division is poised to drive into the black.
In the first six months of the year the group sold 202,100 Rover and Land Rover vehicles â€” up from 178,300 in the same period last year. The newly-launched 600 series, designed to compete head on with the small Audi and BMW, has proved the fastest selling model. In Continental Europe 65,500 vehicles were bought â€” an increase of 5 per cent and a spectacular result, considering the big decline in sales in Europe.
“These increases are attributable to our new generation of Rover and Land Rover vehicles gaining very positive international recognition,” said John Towers, Rover Group managing director. The Rover results are further evidence of the upturn in the UK motor industry.