City predicts profit increase of 58% for Rok as it buys Scottish M&E contractor Pitkerro

Rok has said its financial results for the year ended 31 December 2007 will be in line with market expectations.

Gavris Snook
Snook: Buy will grow M&E business in Scotland

City forecasts put its pre-tax profit at £31.65m on turnover of £960m. The figures would be a 58% jump on last year’s pre-tax profit figure of £20m and a 41% jump on the turnover figure of £683.6m.

At the same time the contracting group has announced the acquisition of Pitkerro, a Scottish plumbing and heating contractor, for £3m, £900,000 of which will be in shares.

Rok chief executive Garvis Snook said: “This acquisition helps continue our strategy to grow our M&E business in Scotland and throughout the UK.”

In the 2007 financial year it secured £780m of long-term agreements, mainly in social housing, education and response maintenance, bringing the total 2007 to £1.7bn.

Its order book stands at £590m, up from £360m at the end of 2006.