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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 : 9949B Rok PLC 05 November 2009 Date: 5 November 2009 On behalf of: Rok plc ("Rok") Embargoed until:07.00hrs Rok plc Interim Management Statement Rok plc (LSE: ROK), the property repair and maintenance specialist, today issues its Interim Management Statement, published in accordance with the UK Listing Authority's Disclosure and Transparency Rules, covering the period 1 July 2009 to 4 November 2009. Overview We are pleased to report that overall the group is trading in line with our projections and that forecast full year results are in line with our expectations. 2009 has been a year of continued progress and transition for Rok. In line with our strategy, we have adjusted our business mix in favour of higher margin, lower risk planned and response maintenance projects and new build social housing. This is against a backdrop of a tightening UK economy and significantly reduced demand for new build general construction projects, an area in which we have scaled back activity significantly. Our focus remains on maintaining operating margins rather than volumes which, in an increasingly competitive market, we believe will stand us in good stead as the economy recovers. We continue to be successful in securing new framework agreements having won 48 new appointments this year totalling over GBP700m which is providing a substantial underpin to future revenues. Our total forward revenue visibility under secured orders and long term framework agreements now stands at GBP2.1bn, level with the previous year. Secured and visible revenues for 2010 are now some 80% of our forecast revenues. The future framework pipeline is also strong at GBP1.6bn. Response Maintenance Our response maintenance business is performing well despite it being a year of reduced weather related insurance claims, which has curtailed revenue growth in the current year to date. As a result of the investments we have made in recent years across this division, our margins are improving and we are capturing an increasing proportion of customer's spend.This is helping us to consolidate our position as the number one provider of property insurance repairs in the UK market. Our recent appointment by Liverpool Victoria (LV=) to handle their domestic insurance repairs on a 3 year framework contract is testament to the high levels of service we are providing to our customers. We have also secured long term contracts with St Albans City & District Council, North Wales Housing Association, Home Group and Bromsgrove District Housing Trust which will benefit revenues in 2010. Planned Maintenance Rok's planned maintenance activities, which include general building improvements, social housing refurbishment and plumbing, heating & electrical services (PHE), are also performing to plan. Our focus on maintaining margins in what is now a more competitive environment is proving successful. The market for planned maintenance services continues to favour the major suppliers such as Rok who are better resourced to provide an integrated outsourced service to customers more efficiently. New customer wins in recent months include Sanctuary Housing, City West Housing Trust and Yorkshire Housing Group. Our Plumbing, Heating & Electrical business, formed from a number of acquired companies and existing in-house teams, has now been successfully integrated into the Group, providing a solid platform for future growth as we expand the operations across the UK. New Build Our positioning in the new build social housing market has strengthened following the acquisition of Richardson Projects in 2008. Whilst a number of our customers are still constrained in their ability to commence projects, we are continuing to win a number of new build frameworks which will underpin revenues for the years ahead. We have also been shortlisted on three major housing PFI projects, for work across all of our business streams, each involving long-term revenues in excess of GBP100m. In recent months we have been appointed on long term frameworks by NHS Lothian, Scottish Water, Firebird JVC, and The University of Salford. Debt Our underlying average net debt is reducing and the Group is operating comfortably within its bank facilities which are not due for renewal until 2012. Outlook From 2010, our business will be organised around four national business teams: * Maintenance (to include improvements) * Social Housing (to include new build and planned repairs) * Plumbing Heating & Electrical (PHE) * Construction This structure will bring further efficiencies in costs and greater opportunities for growth through a consistent national approach. Having taken decisive action over the past year to align our cost base with expected levels of revenue in an increasingly challenging operating environment, our resulting business mix puts us in a strong position to resume growth as the economy recovers. With a high proportion of our future revenues underpinned by long-term agreements with customers, we remain confident about the Group's prospects for the year and beyond. Other than the information contained in this Interim Management Statement, there have been no material events or transactions in the period from 1 July 2009 to 4 November 2009 which have affected Rok and its financial position. - ends - Enquiries to: +----------------------------------------------+--------------------------------------------------+ | Rok plc | www.rokgroup.com | +----------------------------------------------+--------------------------------------------------+ | Garvis Snook, Group | Tel: 020 7977 7982 | | Chief Executive | garvis.snook@rokgroup.com | +----------------------------------------------+--------------------------------------------------+ | Ashley Martin, Group | Tel: 020 7977 7984 | | Finance Director | ashley.martin@rokgroup.com | +----------------------------------------------+--------------------------------------------------+ | Redleaf | Tel: 020 7566 6700 | | Communications Ltd | rok@redleafpr.com | | Emma Kane/Rebecca | | | Sanders-Hewett/Kathryn | | | 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 IMSFZLLBKFBFFBE
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