28th May 2015 09:14
LONDON (Alliance News) - Asset and energy support services company Lakehouse PLC on Thursday said its pretax profit tripled in the first half of its 2015 financial year on the back of solid organic revenue growth and the contribution from acquisitions.
The company said its pretax profit in the six months to the end of March rose to GBP1.2 million, up from GBP0.4 million a year earlier, driven by a contribution from the Everwarm and H20 Nationwide businesses it acquired over the year.
Revenue increased by 28% in the year, up to GBP161.3 million from GBP125.8 million, also boosted by acquisitions and on the back of 6% organic, like-for-like revenue growth. The group won a total of GBP248 million worth of contracts in the half, including a number of long-term framework agreements, and said its order book at the end of the half was GBP563 million, giving it 97% revenue visibility for the full year. Its sales pipeline at the end of the half was GBP2.7 billion.
Lakehouse said it remains confident of meeting its expectations for the full year.
"Lakehouse is delighted to report its maiden interim results as a listed company. We continue to successfully implement our strategy, delivering organic growth supplemented by acquisitions which provide complementary services, new geographies and earnings potential. Our robust order book and sales pipeline provide a strong base from which to deliver further progress in the second half and the board is confident of achieving its expectations for the year as a whole," said Executive Chairman Stuart Black.
Shares in Lakehouse were up 4.5% to 103.16 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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