Rok Profits Drop 76%

UK building firm Rok has reported that its profit before tax plunged 76% to £5.9 million, from 24.5 million in the last year.

The profit figure includes £12.2 million of restructuring costs, but does not include an £18.6 million loss from the closure of Rok Development.

The firms annual revenues from continuing operations rose to £1.01 billion, from £874.7 million in the previous year.

Commenting on the results, Stephen Pettit, Chairman, said: "Whilst 2008 was a challenging year in many respects, we have responded swiftly to the changing economic climate and taken the necessary action to address our cost base accordingly. We have also accelerated the change in our business mix to a greater proportion of higher margin repair and maintenance activities. The increasing forward visibility of our anticipated revenues in 2009 and beyond is encouraging."


CEO Garvis Snook added: "Our transition to a more differentiated direct delivery and service based business model is virtually complete with morale high despite the setbacks of last year. We believe we are now well placed to ride out the current economic turmoil and are ready take advantage of the opportunities that will undoubtedly arise in the coming years."

(CD/JM)