Pre-tax profit triples in first-half to March
Lakehouse has reported its first set of results as a company listed on the London stock exchange, posting a tripling of pre-tax profit in half-year results to March 2015.
The construction and energy services group posted pre-tax profit of 拢1.2m, up three-fold on 拢0.4m the previous year.
Revenue also jumped 28% to 拢125.8m, up from 拢161.3m. Lakehouse said its results were boosted by the acquisitions of energy services businesses Everwarm and H20 Nationwide since the comparative period last year.
Lakehouse鈥檚 construction and energy services divisions both rebounded from operating losses last year - as measured by its preferred measure of earnings before interest, tax and amortisation (EBITA) - to report profits of 拢1.9m and 拢3.4m, compared to 拢1.3m and 拢0.7m losses respectively.
Lakehouse said improved performance in its construction division reflected a shift in focus to 鈥渟mall to medium-sized education projects鈥�, alongside 鈥渄ownscaling鈥� of its social housing development work.
Lakehouse added further to its energy services division in May this year with the acquisition of smart meter firm Providor.
The group鈥檚 two repair and maintenance divisions - Regeneration and Compliance - reported EBITA profit of 拢79.3m and 拢19.3m for the period, down 7% and up 16% respectively on the previous year.
Lakehouse joined the London stock exchange in March and said costs incurred from its initial public offering 鈥渓argely鈥� contributed to 拢3.9m of overall exceptional costs for the period. The firm鈥檚 order book stands at 拢563m.
Stuart Black (pictured), executive chairman at Lakehouse, said: 鈥淟akehouse is delighted to report its maiden interim results as a listed company. We continue to successfully implement our strategy, delivering organic growth supplemented by acquisitions which provide complementary services, new geographies and earnings potential.鈥�
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