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Fri April 23 2021

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Lakehouse refocus delivers profit growth

10 Dec 15 Support services group Lakehouse has reported £3.2m pre-tax profits in its first annual results as a Stock Exchange listed company.

Lakehouse floated in March and has today reported its financial results for the year to 30th September 2015. They show revenue up 12.5% to £340.2m and underlying earnings before interest, taxation and amortisation (EBITA) of £22.2m, more than double the previous year's £10.8m.

Contract wins in the year totalled £638m (2014: £364.5m), contributing to a year-end order book of £595m.

Lakehouse’s construction division offers refurbishment and building works to mainly local authority clients and particularly for schools. This division saw revenue shrink to £73.4m from £78.5m, reflecting the company’s withdrawal last year from social housing. Underlying EBITA increased from £2.5m last time to £4.8m, however, due to this refocusing of the business.

Executive chairman Stuart Black said: “Lakehouse is delighted to report its maiden full year results as a listed company. During the year we have delivered on our stated strategy of achieving organic growth, supplemented by value-enhancing acquisitions which provide complementary services and new geographies. The board remains confident of its expectations for the current year and the future.”

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