But executive chairman Bob Holt says firm has 鈥榬eset the dial鈥�
Lakehouse has slumped to a 拢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 拢3.2m pre-tax profit the year before.
The firm blamed 拢43.2m of exceptional costs - including 拢6.7m of contract losses on businesses it is exiting - without which it said it would have made a 拢8.2m profit.
Revenue dipped marginally to 拢333.8m, down from 拢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 鈥渞eset the dial鈥� as 鈥渢he New Year marks a transition from the old world to the new鈥�.
He said prospects for the construction business were particularly strong: 鈥淚n 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.
鈥淭his means that we can earn excellent returns on capital, whilst remaining cost competitive for clients.鈥�
No comments yet