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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rok | LSE:ROK | London | Ordinary Share | GB00B1WL0527 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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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