ROK Rok

 

TIDMROK 
 
RNS Number : 8226R 
Rok PLC 
07 May 2009 
 

 
 
 
 
 
 
 
 
Date: 7 May 2009 
On behalf of: Rok plc ("Rok") 
Embargoed until:0700hrs 
 
 
 
 
Rok plc 
AGM and Interim Management Statement 
 
 
At today's Annual General Meeting of Rok plc (LSE: ROK), the property repair and 
maintenance specialist, the Chairman, Stephen Pettit, will make the following 
statement to shareholders. This constitutes Rok's Interim Management Statement 
as required by the UK Listing Authority's Disclosure and Transparency rules and 
covers the period 1 January 2009 to 6 May 2009. 
 
 
"Overall we are pleased to report that the trading in the first quarter is in 
line with our expectations and we are on course to achieve our expectations for 
the full year. 
 
 
"The actions the Group took to shape the business in the last quarter of 2008 in 
recognition of the worsening economic climate are evident in our results to 
date. Building activity generally has now stabilised at the expected lower 
levels and we have a cost base aligned to these reduced volumes. 
 
 
"Our response maintenance business is performing to plan and is continuing 
to gain market share in insurance repairs during what have been relatively 
benign weather conditions so far this year. Our national coverage delivered 
locally by directly employed maintenance technicians is pleasing existing 
customers and proving a compelling proposition for a number of new ones.  This 
is giving us the confidence to continue to invest further in the business in 
order to harness the opportunities from our unique market positioning.New long 
term framework agreements with response maintenance customers won in the period 
include Wellingborough Homes (GBP24m), Leisure Connect (GBP10m), Hampshire 
County Council (GBP7m) and Bracknell Forest BC (GBP4m). 
 
 
"Rok's planned maintenance activities which include general building 
improvements, social housing refurbishment and plumbing, heating and electrical 
services (PHE) are also performing to plan. Rok has a strong market positioning 
through our directly delivered, locally based service model and we are 
continuing to win new mandates. New customer wins so far this year include North 
East Procurement (GBP20m) where we are working with a number of other partners, 
Jephson Housing (GBP12m), One Vision Housing (GBP8m), Bristol City Council 
(GBP3m) and English Churches (GBP3m). The integration of all of our PHE 
businesses under the Rok branding is progressing well. 
 
"Our new build 
general construction activities have been significantly scaled back in 
recognition of a tightening market, particularly in the private 
sector. This enables us to be much more selective in the projects which we 
undertake without the need to chase volume in a highly competitive market. Our 
new build social housing business continues to grow and we should start to reap 
the benefits of the recently announced government stimulus packages in the 
second half of 2009.  So far this year we have been appointed under long term 
agreements by Guinness Trust (GBP94m), Circle Anglia (GBP73m), Moat Housing 
(GBP66m) and Midland Heart (GBP28m). 
 
 
"We have been particularly successful in the first four months of 2009 in 
securing 15 new framework agreements totalling some GBP350m in future revenues, 
up from GBP240m for the comparable period in 2008. Our total forward revenue 
visibility under secured orders and long term framework agreements now stands at 
GBP2.7bn, up from GBP2.3bn a year ago. Secured and visible revenues for the 
current year are now in excess of 90% of consensus forecast revenue and in 
excess of 75% for 2010. 
 
 
"The Group is operating comfortably within its bank facilities which are not due 
for renewal until 2012 and has significant covenant headroom going forward. 
 
 
"As announced last autumn we are continuing to concentrate more of our 
activities on repairs, refurbishment and response maintenance where our self 
delivery capability is delivering higher rates of customer satisfaction and 
enhanced margins from long term relationships.  As a result we remain confident 
about the Group's prospects for the year. 
 
 
Other than the information contained in this Interim Management Statement, there 
have been no material events or transactions in the period from 1 January 2009 
to 6 May 2009 which have affected Rok and its financial position. 
 
 
 
 
- ends - 
 
 
Enquiries to: 
 
 
+--------------------------------------------+----------------------------+ 
| Rok plc                                    | www.rokgroup.com           | 
+--------------------------------------------+----------------------------+ 
| Garvis Snook, Group Chief Executive        | Tel: 020 7977 7982         | 
|                                            | garvis.snook@rokgroup.com  | 
+--------------------------------------------+----------------------------+ 
| Ashley Martin, Group Finance Director      | Tel: 020 7977 7984         | 
|                                            | ashley.martin@rokgroup.com | 
+--------------------------------------------+----------------------------+ 
| Redleaf Communications Ltd                 | Tel: 020 7566 6700         | 
| Emma Kane/Rebecca Sanders-Hewett/Kathryn   | rok@redleafpr.com          | 
| Hurford                                    |                            | 
+--------------------------------------------+----------------------------+ 
|                                            |                            | 
+--------------------------------------------+----------------------------+ 
 
 
 
 
 
 
Notes to Editors: 
 
 
  *  Rok plc's shares are listed on the Official List of the London Stock 
  Exchange under the symbol ROK. 
 
 
 
  *  The Group specialises in relationship based service delivery providing building, 
  repairs and refurbishment, and response maintenance services that are 
  tailored to local needs and customers' wishes supported by the resources and 
  expertise of one of the industry's leading players. 
 
 
 
  *  Rok is one of the UK's leading providers of services to the social housing 
  sector. 
 
 
 
  *  Further information on the Group can be accessed at www.rokgroup.com. 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCZGGGKRVNGLZM 
 

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