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Rok - Suffers from project cancellations

December 2008

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • ROK
  • Price:
  • 28p
It was to be hoped that Rok's decision to close its property development side would draw a line under its troubles but a shocking trading update for the four months to 4 November has put paid to that. While its maintenance activities continue to trade well, since the beginning of October there has been a significant deterioration in expected revenues in its contracting, small building works and most shockingly social housing operations, from both private and public sector clients. Committed projects totalling over £150m have been cancelled or deferred, with customers blaming the banking crisis. Rok now expects this year's turnover to fall £120m below previous expectations, causing profits to fall £12m, while its order book has ...

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