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Rok profit falls 75pc despite sales rise

Rok has reported a 76 per cent drop in pre-tax profit for 2008 despite a 16 per cent rise in revenue.

Pre-tax profit fell to £5.9 million for the year to 31 December 2008 from £24.5 million in 2007.

The firm’s revenue passed the £1 billion mark increasing from £874.7 million in 2007 to £1.01 billion.

Rok reduced its cost base by £30 million a year after more than 750 redundancies in the back end of 2008 and the closure of the property development division.

The firm’s order book grew to £2.7 billion from £2.2 billion the previous year.

Chairman Stephen Pettit 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.

“We believe that the actions we have taken leave us well positioned in the current market conditions whilst ready to take advantage of the upturn that will emerge in time.“