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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 : 2970F Rok PLC 11 January 2010 Date: 11 January 2010 On behalf of: Rok plc ("Rok") Embargoed until: 0700hrs Rok plc Trading Update Rok plc, the property repair and maintenance specialist, is pleased to provide the following trading update ahead of the announcement of results for the year ended 31 December 2009. Further to our Interim Management Statement on 5 November 2009, the Board re-confirms that trading for the year to 31 December 2009 is expected to be in line with its expectations. Rok's response maintenance operations continue to perform well. Our focus on margins through improved operating efficiency has mitigated the impact of reduced insurance claims due to benign weather conditions in 2009. The market for response services is largely unaffected by the current economic climate and we are continuing to gain new customers and take an increased share of existing customers' spend. Our planned maintenance services have performed in line with our expectations with margins remaining healthy. Social housing improvement, where we are active on 38 frameworks across the UK, remains a strong market for us and we have a significant order book ahead for repair and maintenance work. Our plumbing heating and electrical (PHE) businesses have been successfully integrated and we expect further opportunities in 2010 in this activity. The new build regional contracting market remains challenging and the expected cut backs in public sector capital spend will, we believe, serve to exacerbate this in 2010. Our decision to scale back these activities in 2009 is therefore enabling us to be more selective in the projects we undertake and, as a result, margins have held up relatively well. Social housing new build activity, where we are active on 35 frameworks, recovered well after a slow start to the year assisted by the activities of the Homes and Communities Agency. We continue to secure a number of long term frameworks for new build social housing including recent contracts with Home Group Scotland, and YORbuild, totaling GBP34m, which will further underpin revenues into 2010 and beyond. We have recently been appointed as the preferred service provider as part of the Inspiral Consortium on the Oldham Gateway's Private Finance Initiative. This project is expected to be worth GBP110m for new build, planned repairs and response maintenance over 25 years and demonstrates the value of Rok's integrated service model. We continue to focus on reducing net debt levels which have improved significantly since the half year despite the change in business mix. The Company continues to make progress with the disposal of its remaining Development assets in a very challenging market. Our forward revenue visibility under secured orders and framework agreements continues to be healthy at GBP2.0bn (2008:GBP2.3bn). Secured and visible revenues for 2010 are 83% of consensus forecasts. A revised national operating structure is now in place which has enabled further cost rationalisation to take place in 2009. Whilst the new financial year will continue to be challenging for new build capital projects, the change in business mix is mitigating its impact and we are ready to harness the opportunities that 2010 will inevitably present. Rok will be announcing its preliminary results on 9 March 2010. Enquiries to: +--------------------------------------------+-------------------------------------------+ | Rok plc | www.rokgroup.com | +--------------------------------------------+-------------------------------------------+ | Garvis Snook, Group Chief Executive | Tel: 020 7977 7982 | | Ashley Martin, Group Finance Director | Tel: 020 7977 7984 | | | | +--------------------------------------------+-------------------------------------------+ | Redleaf Communications Ltd | | +--------------------------------------------+-------------------------------------------+ | Emma Kane/Kathryn Hurford/Rebecca | Tel: 020 7566 6700 | | Sanders-Hewett | rok@redleafpr.com | | | | +--------------------------------------------+-------------------------------------------+ Notes to Editors: * The Group specialises in low risk, relationship based provision of building services on a national basis and undertakes Maintenance and building improvements; Social housing (new build and planned repairs); Plumbing, heating and electrical services; and Construction. Most 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 TSTUWOBRRNAARAR
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