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Building and repairs group Rok has suspended its chief financial officer and says it is has uncovered "serious failings" in financial controls at its plumbing business.

The problems at the unit were uncovered following an independent review.

As a result of the problems, Rok said its overall full-year profits would be "significantly below" market targets.

Rok said Ashley Martin, who had been chief financial officer since 2003, had been suspended with immediate effect.

The Exeter-based company said David Miller would now take up the role on an interim basis.