Lakehouse underlying revenue down but returns to profit
Source - SMW
Support services business Lakehouse reported lower underlying revenue for the 12 months to 30 September 2017 as it downsizes its Property Services business.
The company reported a statutory profit of £10,000, compared with a loss of £29.3m a year earlier. Underlying group earnings before interest, tax and amortisation (EBITA) from continuing operations decreased to £7.3m (2016: £8.5m), reflecting the impact of Property Services.
Excluding Property Services, underlying group EBITA grew 15.8%, from £7.7m to £9.0m.
Year end net debt of £1.3m (2016: £20.6m) was significantly ahead of expectations.
Chairman Bob Holt said: 'We have taken significant steps forward this year, expanding our activities within Energy Services and Compliance, taking a steady approach in Construction and downsizing and repairing Property Services.
'Our focus remains on operational improvement within the group, but we can now start to consider strategic development. We do not expect to return to a significant acquisition strategy, albeit we can never rule out the right deal, instead focusing on organic growth in our core growth markets within Energy Services and Compliance, which have considerable bandwidth.'