Rok interim profits drop 50% after accounting trouble
Operating profit for the first six months of the year down to £4.5m after financial controls failing
Financial control problems at repair and maintenance group Rok have resulted
in a halving of interim profits, according to the company.
Results for the six months to 30 June showed operating profits at £4.5m down
49% on the same period last year, after the company uncovered “serious failings
in the financial controls” of its plumbing, heating and electrical (PHE)
Announcing the results, Rok chairman Stephen Pettit, said: “The problems
within PHE have been a regrettable chapter in Rok’s history.”
PHE is not expected to make any contribution to the full-year profits of the
group and an organisational restructure of the division is likely to result in
Earlier this month, FD Ashley Martin was suspended following a review of the
PHE business by BDO.