Despite the relatively small market capitalisation and brief trading history of its shares, Lakehouse (LAKE) is involved in an enormous array of businesses. In its first year as a listed company, the "asset and energy support services group" - as it describes itself - added to the compliance, construction and regeneration services it provides to the UK public sector with four acquisitions.
However, a full-year contribution from energy savings group Everwarm - purchased in April 2014, a year before Lakehouse listed - was the main reason for the increase in full-year revenues. This made up for over lower turnover in the construction and regeneration divisions, following the conclusion of the Hackney Homes contract and the curtailing of Lakehouse’s loss-making social housing operation.
Further deals are a central part of the group’s strategy, though executive chairman Stuart Black expects the pace of acquisitions to slow to just "one or two" this financial year. That should be supported by good operating cash conversion - which stood at 115 per cent last year - together with an extended £45m drawdown facility.
Brokerage Peel Hunt expects adjusted pre-tax profit and EPS of £25.2m and 12.4p, respectively, for the year to September 2016, up from £21.6m and 12.3p in 2015.
LAKEHOUSE (LAKE) | ||||
|---|---|---|---|---|
| ORD PRICE: | 94p | MARKET VALUE: | £148m | |
| TOUCH: | 92.5-94p | 12-MONTH HIGH: | 106p | LOW: 89p |
| DIVIDEND YIELD: | 2.0% | PE RATIO: | 49 | |
| NET ASSET VALUE: | 54p^ | NET CASH: | £6.9m | |
| Year to 30 Sep | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2012* | 152 | 3.91 | na | na |
| 2013* | 192 | 4.10 | na | na |
| 2014* | 302 | 0.10 | -0.5 | na |
| 2015 | 340 | 3.20 | 1.9 | 1.9 |
| % change | +12 | +2979 | - | - |
Ex-div: 7 Jan Payment: 8 Feb *Prior to flotation in March 2015; pro-forma EPS figure for 2014 ^Includes intangible assets of £83.5m, or 53p a share. | ||||
