Rok interim profits drop 50% after accounting trouble

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.

Further reading:

Rok FD suspended amid ‘failing’ financial controls

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