Lakehouse trebles profits

New listed support services group Lakehouse has reported its first interim financial results since joining the London Stock Exchange in March. For the six months ended 31st March 2015, Lakehouse saw revenue rise 28% to £161.3m and pre-tax profits grow threefold from £400,000 last time to £1.2m.

Excluding the impact of acquisitions – Everwarm and H2O Nationwide – organic revenue growth was 6%.

Notable contract wins in the period included the two-year London & Quadrant Housing Trust Decent Homes framework, the Stevenage Borough Council two-year roofing upgrade programme, a four-year external decorations programme for Family Mosaic and a four-year major housing works framework for Enfield Homes.

The initial public offering in March raised net cash proceeds of £25.1m, after taking account of fees and other expenses of £4.9m which were £2m lower than expected.

Executive chairman Stuart Black said: “Lakehouse 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. Our robust order book and sales pipeline provide a strong base from which to deliver further progress in the second half and the board is confident of achieving its expectations for the year as a whole.”