LONDON (Alliance News) - Asset and energy support services company Lakehouse PLC on Thursday said its pretax profit jumped in the year to the end of September despite the group booking much higher exceptional costs as revenue and margins both rose.
Lakehouse, which provides support services primarily to local authorities and housing associations, said its pretax profit for the year to September 30 was GBP3.2 million, up from GBP104,000 a year earlier, despite the group booking much higher one-off costs related to the large number of acquisitions it has made since floating in London in March and related to the float itself, along with some provisions made on loss-making legacy contracts.
The company raised GBP60.0 million in its float and has since been on an acquisition tear ever since, buying five companies comprising energy broking, smart metering services and lift repair and maintenance services.
Revenue for the year rose to GBP340.2 million from GBP302.5 million, with like-for-like revenue growing 2.5%, with a high bidding success rate for its business meaning it secured contracts with a total value of GBP638.0 million over the course of the year. It also has been working to boost its geographic presence and its cross-selling opportunities.
The company will pay a maiden final dividend of 1.9 pence per share, its first payout as a listed company.
"Lakehouse is delighted to report its maiden full-year results as a listed company. During the year we have delivered on our stated strategy of achieving organic growth, supplemented by value-enhancing acquisitions which provide complementary services and new geographies. The board remains confident of its expectations for the current year and the future," said Executive Chairman Stuart Black.
Lakehouse shares were down 1.6% to 93.25p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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