Maintenance and energy services firm has acquired six firms in the past 12 months
Lakehouse will 鈥渢ake a breather鈥� in 2016 on the M&A front, after going on a takeover spree this year that saw it acquire six firms in 12 months.
The maintenance and energy services firm has had a bumper 2015 after floating on the London Stock Exchange in March, fuelling a buying spree that included Aaron Heating Services, Sure Maintenance and Orchard. The firm also announced the acquisition of lift specialist Precision last week for 拢5.5m.
Lakehouse chairman Stuart Black (pictured) told 黑洞社区 the firm will 鈥渢ake a bit of a breather鈥� in 2016 by acquiring 鈥渙ne or two more firms鈥� in the remainder of its current financial year to September 2016.
Black said: 鈥淎cquisitions are a key part of our strategy, but [the last 12 months] have been exceptional by anyone鈥檚 standards.鈥�
Black鈥檚 comments come after Lakehouse posted a leap in both profit and revenue in its first set of full-year results as a stock exchange listed company, published last Thursday.
The firm posted pre-tax profit of 拢3.2m for the year to September 2015, well up on the 拢100,000 posted the previous year.
Revenue increased 13% to 拢340.2m, up from 拢302.5m.
The results were skewed by large exceptional costs across both years, including, in its latest set of results, the 拢4.2m cost of listing in March, as well as contract losses totalling 拢5.4m, partly incurred within its social housing development business, which it is exiting.
With exceptional costs stripped out, Lakehouse posted underlying pre-tax profit of 拢21.6m, up 114% on 拢10.1m the previous year.
Black said the firm鈥檚 energy services business Everwarm - which predominantly fits energy efficiency improvements in homes - is diversifying in order to weather the government鈥檚 cuts to green subsidies, including the Green Deal. Everwarm has been bolstered by the acquisitions of smart metering and energy brokering businesses in recent months.
Black said: 鈥淸Everwarm] will be a broader business going forward [鈥 We鈥檝e managed to mitigate some of the risk.鈥�
Lakehouse鈥檚 overall order book stands at 拢595m, while it said its pipeline of opportunities totals 拢2.8bn.
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