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Lakehouse records further losses
Contractor Lakehouse has recorded a loss of £2.8m for the six months ending 31 March 2017.
This is a further slide from the loss of £1.0m during the same time period in the last financial year, though is not as significant as the £31.7m operating loss it posted for the year to September 2016 after problems with its property services division.
Earnings before interest in this division fell by 49% as a result of the strategic review of its property services division. It also drove an 11% reduction in overall revenue.
The group’s order book is up 7% to £580m and in compliance, energy services and construction, its revenue grew by 14%. Construction revenues were also up 28%.
Bob Holt, chair of the company, said the results demonstrated “resilience” for the group just over a year after the resignation of its chief executive Stuart Black.
The contractor floated on the stock market in 2015, but ran into trouble in 2016 after profit warnings and the resignation of Mr Black’s predecessor, Sean Birrane.
Mr Holt was keen to emphasise the group’s good performance in certain areas, commenting: “Since my appointment in July 2016, the executive directors and I have undertaken a wholesale review of the strategy and operations of the group. During the six months to 31 March 2017 (H1 FY17), the core businesses of compliance, energy services and construction all performed well, posting underlying double digit EBITA growth.
“The property services business made a loss in the period as we continue to reshape the business into profitable work streams.
“Overall the strength and resilience of the group has been demonstrated during the first half and our strategy will be to continue to focus on sustained performance and delivering a consistent high quality client service.”
