Constructor's profits up 50%
Published by Max Salsbury for 24dash.com in Housing and also in Development
lakehouse site worker ladder
A construction and support services provider has announced a pre-tax profit rise of nearly 50%.
Lakehouse saw its turnover soar by 24% to the year ending September 2013 to £190 million, with profit before tax increasing 48% compared with 2011/12, rising from £4.8m to £7.1m.
The firm says its financial results reflect strong performance across its service areas of construction, regeneration and refurbishment, development, repairs and maintenance, sustainability and fire and gas compliance.
Working across social housing, education and public buildings, Lakehouse has continued to address the challenges of reduced public spending by focusing on large long-term and framework contracts; improving its service offering and margins; and making strong, strategic acquisitions which expand the group’s service offering and/or geographical reach.
Lakehouse is appointed on major frameworks including:
• London Borough of Camden – seven-year Better Homes framework
• Hackney Homes – four-year repairs and maintenance framework
• Peabody – 10-year Quality Homes framework
• L&Q – internal refurbishment framework
• Hyde Housing Association – stock investment framework
• Royal Borough of Greenwich – sole contractor construction framework
• London Borough of Lewisham – pupil places four-year education framework
• London Borough of Barking and Dagenham – four-year construction and social housing framework
Stuart Black, Lakehouse's executive chairman, said: “These results reflect another year of progress and development at Lakehouse. In current market conditions, to again report increased turnover, increased profit and very low debt levels despite our ambitious acquisition strategy, demonstrates the strength and consistency of our business’ performance.
"We’re very proud to have been a positive story for the construction industry through a tumultuous period and to remain a reliable and committed partner for our clients and the communities they serve. I’d like to take this opportunity to thank our staff for their dedication, ambition and unswerving hard work to deliver another successful year.
“We’ve continued our programme to acquire successful and complementary businesses which share similar client bases. Welcoming Foster Property Maintenance to the group has greatly expanded our geographical reach in the East of England. Meanwhile, K&T Heating and Allied Protection continue to help us improve our service offering to clients and our compliance work for thousands of tenants across the South East.
“I think the key to this success has been providing clients with partnership and counsel in drastically changing times for the social housing, education and public buildings sectors and we remain focused on delivery for communities with unique needs. This strong record means our long-term outlook is very positive, with a strong order book and tender success rate, as well as ambitious plans for further growth of the business.”