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Lakehouse posted a pre-tax loss of 拢3.6m for the six months to the end of March 2017, as the Essex-based social housing contractor attempted to reverse a decline in trading in its property services operation.

Group turnover fell 11% to 拢149.8m, with underlying group earnings before interest, depreciation and amortisation (Ebita) were down 49% at 拢2.6m. Overall first half losses before tax doubled from last year鈥檚 拢1.8m.

Chairman Bob Holt, who came into the business in the summer of 2016 , said the core businesses of compliance, energy services and construction had all performed well, posting underlying double digit Ebita growth, up 13%, while the property services business made a loss as the group 鈥渃ontinues to reshape the business into profitable workstreams鈥�.

The division, which accounts for a fifth of its revenue, saw turnover fall 51% to 拢30.7m, with an underlying Ebita loss of 拢1.1m, compared with a 拢1.9m profit a year ago.

Holt said the losses reflected the closing out of 鈥渓egacy contractual matters, as opposed to any significant underlying operational challenges鈥�.

The division was expected to post a second half loss as the group undertook to reverse its fortunes, he added.

Holt said he was encouraged by new business wins during the period of 拢267m, bringing the total order book to 拢580m, up 7% since year end, and looking ahead expected trading for the full year will remain in line with management expectations, while finishing off the turnaround in the property services operation in the second half.

Last year Lakehouse posted a as it debuted on the stock market. It , arguing it would reap 鈥渟ignificant benefits鈥� from the move.