Lakehouse suffers £33.3m loss in debut results on stock market

Lakehouse has slumped to a £33.3m pre-tax loss in its first full set of results as a stock exchange listed company.

The social housing contractor - which floated in March 2015 - posted the loss for the year to last September, which compared to a £3.2m pre-tax profit the year before.

The firm blamed £43.2m of exceptional costs - including £6.7m of contract losses on businesses it is exiting - without which it said it would have made a £8.2m profit.

Revenue dipped marginally to £333.8m, down from £340.2m.

Bob Holt, who joined the problem-hit contractor as executive chairman last summer shortly after a boardroom coup, said the firm has now “reset the dial” as “the New Year marks a transition from the old world to the new”.

He said prospects for the construction business were particularly strong: “In our construction division, we have a business that is very focused on its core education and public buildings markets and is highly experienced in delivery.

“This means that we can earn excellent returns on capital, whilst remaining cost competitive for clients.”