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Rok secures 15 new framework contracts worth £350m

Rok has secured 15 new framework contracts in the first four months of 2009 worth more than £350 million to the firm.

The framework wins are significantly up on the £240 million won in the comparable period in 2008 helping to boost Rok’s overall forward revenue to £2.7 billion from £2.3 billion a year earlier.

Bosses said secured and visible revenues for the current year are now in excess of 90 per cent of consensus forecasts and in excess of 75 per cent for 2010.

Rok said it is operating comfortably within its bank facilities which are not due for renewal until 2012 and has significant covenant headroom going forward.

A statement from the firm said: “The actions the group took to shape the business in the last quarter of 2008 in recognition of the worsening economic climate are evident in our results to date.

“Building activity generally has now stabilised at the expected lower levels and we have a cost base aligned to these reduced volumes.”

The firm’s response maintenance business is performing to plan and is continuing to gain market share in insurance repairs during what have been relatively benign weather conditions so far this year.

Rok’s planned maintenance activities which include general building improvements, social housing refurbishment and plumbing, heating and electrical services are also performing to plan. 

The new build general construction activities have been significantly scaled back in recognition of a tightening market, particularly in the private sector.