Building and maintenance company Rok has revealed that the closure of its development division, Rok Development, cost the business £21.5m in 2008.
In its full-year results to 31 December, the company said that it was having difficulty selling its remaining development assets because of the credit crisis and economic downturn.
The company’s development assets suffered write-downs of £12.2m in the period and are now valued at £22.6m.
Its pretax profit fell 76% to £5.9m – hit by the write-downs and restructuring charges.
