LIVERPOOL stockbroker Panmure Gordon tipped builder and maintenance provider Rok to prosper from its move into property insurance repairs.

The group, which has established regional offices in Liverpool’s Brunswick Business Park and Dunkirk, Chester, scaled back on its new-build operations in response to the recession, and has performed so well in its new niche that it is now the UK’s leading provider of property maintenance for a range of insurers, including Liverpool’s RSA, and local authorities.

Commenting after Rok’s interim results yesterday, Panmure Gordon said: “Rok is at an interesting point. Clearly markets remain tough, but the focus on maintenance should provide good medium-term opportunities.”

Rok chief executive Garvis Snook reported a 33% fall in revenues in the six months to June 30 and a 47% slide in pre-tax profits of £6m.

However, he explained this was due in part to the exit from new-build markets as well as restructuring costs, pensions costs and financing burdens which more than doubled from £500,000 to £1.3m under new banking arrangements.

However, the firm’s order book remains steady at £2.4bn.

Mr Snook also advised that the results should be viewed against strong comparative figures last year which were prior to the banking crisis and its impact on the industry.

The group has banking facilities of £89.5m until 2012 and says, barring further deterioration in markets, it should hit expectations for the full year.

Mr Snook said: “We have successfully flexed our business mix to take account of the prevailing market conditions.

“As a result, we are confident of achieving our expectations for 2009, provided there is no further deterioration in market conditions.”

The interim dividend was cut by 35%, to 0.75p per share.