AGM and IM Statement
May 07 2009 - 2:00AM
UK Regulatory
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
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