Rok has suspended finance director Ashley Martin after a profit warning and revelations of “serious failings” in the financial controls of its plumbing business
A review of the firm’s plumbing, heating and electrical business was carried out by accountant BDO, which was brought in after a profit warning in April.
Rok’s share price fell by 41% to 17p by Wednesday lunchtime.
Rok said: “BDO has stated that there have been serious failings in the financial controls of the PHE business. As a consequence it will not make a contribution to group profit this year.”
Rok will release its half-year results on 17 August.