Rok interim results reveal shortcomings

Published:  19 August, 2010

LONDON: Rok, the maintenance and building services group, announced its results for the six months ended 30 June 2010. The company cut its dividend after a week in which the troubled group revealed accounting problems and suspended its finance director.

Rok, which bills itself as 'the Nation's Local Builder', said revenue was £308.1m in 2010 (£364.5m 2009) and operating profit was £4.5m (£8.9m 2009). Pre-tax profit was £3m for the six months to June 2010 (£6m 2009)

Commenting on the interim results, chairman Stephen Pettit, said: "Rok has a diversified range of revenue streams, a growing customer base, a strong order book with a very high level of visibility of work well into next year, significantly improved cash generation, and excellent customer satisfaction.

"The problems within PHE (plumbing, heating, electrical), have been a regrettable chapter in Rok's history. Immediate and appropriate action was taken relating to the shortcomings in financial and operational control in this part of our maintenance and improvements operations," Mr Pettit stated.

He added that "the board and management team are totally committed to rebuilding the strength of the business and delivering against expectations."

The company was advised on 17 August that the chairman and the chief executive purchased shares in the company on 17 August as follows: Stephen Pettit – 25 000 ordinary 2p shares at a price of 20.2p. Garvis Snook – 250 000 ordinary 2p shares at a price of 20.25p.

Following these purchases, their revised holdings are now as follows: Stephen Pettit has an increased holding of 80 326 ordinary 2p shares in the company, representing approximately 0.04% of the issued share capital. Garvis Snook has an increased holding in the company of 966 084 shares and also has an indirect holding of 801 581 shares vested under the LTIP scheme, but not yet exercised.

These holdings represent approximately 0.99% of the issued share capital of the company. He also holds unvested awards of 1,558 296 shares under the LTIP scheme.

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