Turnover at Rok dropped 33 per cent drop in the first half of the year with pre-tax profit down by 47 per cent.
Rok’s turnover for the six months to 30 June 2009 fell to £364.5 million from £546.7 million while pre-tax profit sank to £6 million from £11.3 million last year.
But group chief executive Garvis Snook said the firm’s strategy of focusing on margin at the expense of revenue had paid off with the firm’s 2.4 per cent operating margin the same as this time last year.
Rok incurred £1 million in restructuring costs in the first half, principally for redundancies.
It followed a £30 million cost cutting exercise last year, but Mr Snook said the restructuring exercise was now coming to an end.
The firm’s contracting arm has been significantly trimmed down, but the response repair and maintenance division is strong with Rok having invested in new IT and skills training for that side of the business.
Rok’s order book remains at £2.4 billion, as it was this time last year.
Mr Snook said: “Overall I am quite pleased. It was bloody tough last November and December.We reacted quickly and got the business in reasonable shape to cope in a severe downturn.
“Our focus on margin at the expense of revenue will serve us in good stead for some time.”
Group chairman Stephen Pettit added: “The actions we have taken to reshape the business and to focus on our positions of strength and advantage will carry us through the current difficult climate. Providing there is no further deterioration in market conditions we remain confident of achieving our expectations for the year.”