Lakehouse has reported a £31.7 million operating loss in what Executive Chairman Bob Holt called a "challenging" year for the Group.

In its full year results for the year ended 30 September 2016, the company reported underlying turnover had declined from £336.6m last year to £305.8m in 2016.

Revenue in its construction division declined by 20.1% to £51.1m (2015: £73.4m), while £43.2m was accumulated from exceptional costs.

This included £6.6m in contract losses and a £17.4m write down of goodwill balance.

Overall, the year saw the company hit by a number of problems with its property services division, as well as the cost of a Group restructuring process.


Executive chairman Bob Holt, who was appointed earlier in the year following a boardroom battle, said while it had been a challenging year, the Group believed it will also prove to be "transformational".

"We have taken tough decisions to exit some business streams within Property Services alongside bringing in a new management team to stabilise operations in the remainder of the division and reset the dial," he said.

"The core businesses of Compliance, Energy Services and Construction are well established, excellent businesses who have a clear vision of what needs to be delivered.

"Looking forward, our strategy will be evolutionary but we are confident that, with our newly stabilised Group, the long term fundamentals of the commercial markets in which we operate will provide us opportunities to deliver consistent performance, grow sustainably and to return value to shareholders."

(LM/MH)