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17/05/2016
Lakehouse Issues Further Profit Warning
Energy services group Lakehouse has issued its second profit warning this year due to "difficult trading conditions".
In its interim results, the contractor said it was struggling against "headwinds" in its regeneration and energy services divisions.
The Group has had a turbulent few months following a boardroom battle between founder Steve Rawlings and senior management.
Overall, the newly-restructured board posted a pre-tax loss of £1.8 million with a turnover of £167.8m, up 4% from £161m the previous year.
In addition, the Group revealed a further £2m in profit was being retracted due to issues with a number of contracts, particularly concerning roofing.
Lakehouse said local organisational and operational structures were "not sufficiently robust" to cope with recent growth, "in particular managing inventory, staff and site contractors".
Ric Piper, Chairman, said: "This was a very challenging period for Lakehouse, with headwinds in our Regeneration and Energy Services markets and operational challenges, combined with some disruption internally, as the composition of the Board was resolved.
"The Board believes that the Group's business fundamentals remain strong. The immediate focus is for the Group to deliver its further revised expectations for the full year to 30 September 2016 and increase shareholder value over the longer term."
(LM)
In its interim results, the contractor said it was struggling against "headwinds" in its regeneration and energy services divisions.
The Group has had a turbulent few months following a boardroom battle between founder Steve Rawlings and senior management.
Overall, the newly-restructured board posted a pre-tax loss of £1.8 million with a turnover of £167.8m, up 4% from £161m the previous year.
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In addition, the Group revealed a further £2m in profit was being retracted due to issues with a number of contracts, particularly concerning roofing.
Lakehouse said local organisational and operational structures were "not sufficiently robust" to cope with recent growth, "in particular managing inventory, staff and site contractors".
Ric Piper, Chairman, said: "This was a very challenging period for Lakehouse, with headwinds in our Regeneration and Energy Services markets and operational challenges, combined with some disruption internally, as the composition of the Board was resolved.
"The Board believes that the Group's business fundamentals remain strong. The immediate focus is for the Group to deliver its further revised expectations for the full year to 30 September 2016 and increase shareholder value over the longer term."
(LM)
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