Business moving forward once again
Lakehouse’s recent report on the six months to March 2017 shows the business starting to improve, following a review of strategy and operations that commenced in mid-2016. Three of the four divisions showed a better underlying revenue and EBITA performance versus last year. The troubled Property Services operation had much reduced revenue, as it completed existing work programmes and started to rebuild. There appears to be a good level of demand for all of the company’s services, as evidenced by the 7% increase in the order book to £580m. Central costs have been reduced. Net debt stood at £25m at end March 2017, 1.1x 2016 EBITDA. The mid-term prospects are positive, in our view, despite the negative reaction of the share price following the interims. Consensus numbers are unaltered for the year to September 2017.Lakehouse is an asset and energy support services group. Co.'s segments include: Compliance, which comprises planned and responsive maintenance, installation and repair services to local authority and housing association clients in the areas of gas, fire and electrical, water and air hygiene and lifts; Energy Services, which provides energy efficiency measures to social housing and private homes, including insulation, heating systems and renewable technologies; Property Services, which provides planned and responsive maintenance and project works for social housing; and Construction, which provides refurbishment and small to medium-sized public building works, for local authority clients.
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