Lakehouse profits rise despite project losses

Aaron Morby 9 years ago
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Legacy contracts and the cost of exiting housing development took the shine off otherwise strong maiden results at contractor Lakehouse this year.

The firm revealed that contract losses distilled after it exited social housing development and remediation of a one-off legacy contract have cost the firm £5.4m in the year to September 2015.

This was on top of a one-off exceptional cost of £4.1m connected with the firm’s Stock Exchange float in March.

Despite this, Lakehouse delivered pre-tax profits of £3.2m (£100,000k: 2014) from revenue up 11% to £337m.

Underlying profit before tax significantly increased to £21.6m, after allowing for a mixed bag of one-off and exceptional costs.

Stuart Black, executive chairman 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.”

The Romford-based firm set up in 1988 now employs 2,400 staff across four divisions: Construction; Regeneration, Energy Services and Compliance.

 

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