12th Apr 2016 06:53
LONDON (Alliance News) - Housing maintenance contractor Lakehouse PLC on Tuesday said it was trading in line with its revised expectations as it approaches a vote called by activist investors to oust the majority of its board.
Lakehouse said it remains on track to meet its expectations for the year to the end of September. Those expectations were revised down in February when Lakehouse issued a profit warning, driven by a sharp squeeze on budgets for its key clients, which resulted in the company winning fewer contracts than had been expected.
On Tuesday, the company said those challenges have continued, but it has taken actions to ease the problems. Still, Lakehouse said its results will be heavily-weighted to the second half.
Lakehouse will publish interim results, for the six months to the end of March, on May 17.
That will come after the group holds a meeting on April 19 at which shareholders will vote on proposals put forward by Slater Investments Ltd and Lakehouse founder Steve Rawlings.
The pair, which own a 22% stake in the business, are seeking to remove Chairman Chris Geoghegan and non-executive directors Jill Ainscough and Johnathan Ford and replace them with Rawlings, Ric Piper and Robert Leggett.
"The board continues to focus on running the business despite the ongoing disruption being caused by the requisitionists' actions. We have faced challenging headwinds in the period but the board remains confident in the group's strategy and our ability to capitalise on future opportunities to profitably grow the business in the medium term," said Geoghegan.
By Sam Unsted; [email protected]; @SamUAtAlliance
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