The Lakehouse board has signed heads of agreement to sell its construction and property services divisions to focus on compliance and energy services instead.
The businesses being sold comprise the original Lakehouse core activities plus the acquired business of Fosters. The buyer is described as 鈥渁 team of sector specialists鈥�.
In the six months to 31st March 2018 the construction and property services divisions made a loss of 拢11.8m on revenues of 拢41.3m (2017 H1: 拢61.8m).聽 The associated cash outflow for the period was 拢9.8m.聽 At 31st March 2018, assets held for sale were 拢24.1m and liabilities held for sale were 拢24.2m.
Property services returned to 鈥渙perational stability, if not profitability鈥� but construction was impacted by project delays. It was profitable at an underlying trading level but performed below expectations.
Chairman Bob Holt said that he believed that 鈥渨ithout the constraints of a Plc environment, they will be successful鈥�.
Lakehouses鈥� interim revenue from continuing operations grew by 3% to 拢91.1m (2017 H1: 拢88.0m) with underlying pre-tax profit of 拢1.9m.
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