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07Oct93 UK: RAINE HALVES TOTAL DIVIDEND.

Raine Industries - the contracting group which bought Walter Lawrence last year - cut its final dividend from 4p to 1p this week, leaving a halved total dividend for the year ending June.Chairman Peter Parkin said that to continue to pay out more in dividends than earnings would limit the group's ability to implement medium-term plans.The shrunken dividend came despite an 8 per cent rise in pre-tax profits to £10.8 million for the year ending June and a 16 per cent rise in earnings ...

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