AGM and Interim Management Statement


 

TIDMROK 
 
RNS Number : 0963L 
Rok PLC 
30 April 2010 
 

 
Date:                          30 April 2010 
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 Chairman, Stephen 
Pettit, will make the following statement to shareholders. This constitutes 
Rok's Interim Management Statement, published in accordance with the UK Listing 
Authority's Disclosure and Transparency Rules, covering the period 1 January to 
29 April 2010. 
 
 
"The opportunities for entry into new markets continue to be a major focus for 
our Maintenance and Improvements division and we are continuing to invest to 
capitalise on the high levels of interest in Rok's national delivery capability, 
particularly from home improvements organisations. The severe weather conditions 
at the beginning of the year, however, created industry-wide difficulties in 
accessing customer locations and our insurance repairs business was affected, 
with an adverse impact on first quarter revenues and profitability. Our 
expectation at the time was that these conditions would result in a backlog of 
work, so that the impact would largely be one of timing. This has so far been 
the case and the backlog is being progressively reduced. The recovery process is 
taking time and there will therefore be an impact on profits for the first half 
of the year. 
 
Separately, we have reviewed performance in our Plumbing, Heating and Electrical 
business which has been trading below our expectations. We have decided to 
terminate a number of under-performing contracts and to restructure the business 
as a result. This issue has been dealt with swiftly and decisively so that it 
should not recur, although it will contribute to the reduction in profits for 
the first half of the year. 
 
As a result of these factors our full year profit will be more than usually 
dependent on the second half. As a result we anticipate that underlying profits 
for the current year will be at the lower end of market expectations. 
 
Rok's other divisions continue to perform in line with expectations. 
 
"Our Social Housing business is trading well and margins are holding up. New 
build projects are continuing to be secured under our existing frameworks and to 
date there are no signs of any slowdown in new work being commissioned.  Our 
planned maintenance activities are also trading in line with plan. We continue 
to pursue a number of large social housing PFI projects and having secured 
preferred bidder status on The Gateways to Oldham PFI scheme we are down to the 
last two bidders on a further two major schemes. 
 
"Our Construction activities are performing to plan and we are being more 
selective in the projects we undertake. As a result, margins are holding up 
well. 
 
"We continue to be vigilant on costs and have put in place a number of actions 
to mitigate the impact of the lower first half performance.  Cash generation and 
reduction in net debt also continue to be a key focus. 
 
"Our total forward revenue expectations under secured orders and long term 
framework agreements currently stand at GBP2.0bn giving good visibility for the 
remainder of the year and beyond. Secured and visible revenues for the current 
year are now 91% of consensus forecast revenue. 
 
"Other than the information contained in this Interim Management Statement, 
there have been no material events or transactions in the period from 1 January 
2010 to 30 April 2010 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         | Tel:    020 7977           | 
| Director                             | 7984                       | 
|                                      | ashley.martin@rokgroup.com | 
+--------------------------------------+----------------------------+ 
| Redleaf Communications Ltd           |                            | 
| Emma Kane/Rebecca Sanders-Hewett/    | Tel:    020 7566           | 
| Lucy Salaman                         | 6700                       | 
|                                      | rok@redleafpr.com          | 
+--------------------------------------+----------------------------+ 
|                                      |                            | 
+--------------------------------------+----------------------------+ 
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 provision of building services on 
a national basis and undertakes Maintenance and building improvements including 
plumbing, heating and electrical services; Social housing (new build and planned 
repairs); and Construction.  The majority of these services are delivered 
directly using Rok's own trades people. 
 
¡ 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 
 
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