Exceptionals push Raine into the red

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The Independent Online
Raine, the troubled housing, construction and property development group, announced a loss before taxation in the year to June of pounds 102m after a pounds 104m exceptional item, which included the losses on a raft of discontinued activities. The company said its principal UK operations, Hall & Tawse building contracting, Hall & Tawse social housing and Hassall Homes, made a combined operating profit before exceptionals of pounds 10.4m. Following their renegotiation, banking facilities have been extended until 1998.

Other changes include the closure of the group's southern housing division, the reduction of the contracting arm from seven to three divisions and a reduction in social housing's overheads to match an expected fall in demand. Raine's shares, which have fallen from 53p in the past year, closed 2p lower at 16p.