LONDON (ShareCast) - Costs of moving out of property development to focus on maintenance and services meant a net first half loss for contractor Rok, though the ongoing businesses posted solid figures.

Rok took a £14.7m after-tax hit following its decision close its commercial property arm, causing a net loss of £6.8m in the six months to June against a net profit of £7.7m this time last year.

Ignoring the one-offs, ongoing pre-tax profits rose by 22% to £12.4m. Revenues rose by 37% to £547m.

Rok added it expects a good outcome for the full year from its ongoing businesses with a record order book.

The decison to close its property reflected a very difficult investment market coupled with a lack of freehold sales it said. It added it expects no further adverse financial impact.

The interim dividend rises by 10% to 1.15p.

• News Channel