Scottish housebuilder Cala Homes this week reported a pre-tax loss of £33.9m on turnover of £168.9m for the year ending 30 June 2009

This compared with a loss of £266.1m on turnover of £175.2m in the previous 12 months. The housebuilder provided details of a debt-for equity refinancing it completed on 21 December last year with its principal banker, Bank of Scotland. The refinancing left the bank and the company’s three directors as the only voting shareholders.