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Lakehouse sells construction and property business
Lakehouse has struck a deal to offload its construction and property services businesses for an undisclosed sum.
The listed London-based group, whose share price has struggled since two profit warnings in 2016, said yesterday the businesses are being sold to a “team of sector specialists” without giving further details.
The deal includes Lakehouse Foster Property Maintenance business, which it acquired in 2013.
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“I believe without the the constraints of a plc environment, they will be successful,” said Bob Holt, chair at Lakehouse.
The firm issued a profit warning in February 2016, followed by another one in August that year, after the government’s decision to cut social housing rent hit its regeneration and energy services divisions.
Lakehouse said it will now focus on its compliance and energy services units, “both businesses are sector specialists, broadly non-cyclical apart from seasonal demands but, most importantly, predictable, profitable and cash generative,” added Mr Holt.
Today’s announcement came as the firm announced a rise in half-year underlying pre-tax profits to £1.9m, up from £0.8m in the same period last year.
Revenue rose 3% to £91.1m in the six months to 31 March, the group said.
Shares in Lakehouse slid 3.25% to 41.1p following the announcement.
