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Lakesmere posts 45% jump in pre-tax profit from offsite boost

Lakesmere Group’s offsite construction products and in-house manufacturing capabilities have boosted pre-tax profit in its latest results.

The contractor posted a 45 per cent increase in pre-tax profit to £3.5m for the year ending 31 January 2016, from £2.4m the previous year.

Group turnover has risen to £118.5m for the period, from £95.6m the year before, while its net assets have grown to £8m from £5.5m.

Lakesmere said the growth was due to an increase in demand for its in-house manufacturing and offsite construction products.

The group has expanded its McMullen Facades’ factory, based in Northern Ireland, to a larger premise in the region.

McMullen Facades is a specialist facade business, which provides full design, fabrication and installation of aluminium curtain wall and window systems for medium and large-scale building projects.

Lakesmere has also invested in a new manufacturing facility in China to target Hong Kong and wider south-east Asia markets.

In the UK, growth has been driven by work in the high-rise residential market as well as contracts across the commercial, education and transport infrastructure sectors.

Lakesmere Group chief executive officer Ted McMullen said the company would push offsite manufacturing in roofing, cladding and unitised facades, where possible.

This is the first full-year results since the group’s management buy-out in December 2015.

The move means that six senior Lakesmere Group executives now hold shared ownership of the company, while the executive team was reshuffled.

Mr McMullen moved into his new role after previously holding a position as McMullen Facades managing director.

His role was taken over by former McMullen Facades technical director Ronnie Mills.

Lakesmere Group founder Mark Davey is now company chairman, with Ed McKenzie acting as group chief operating officer.

Lakesmere’s group chief financial officer is Mark Johnson and David Gray has continued his role as regional managing director of Lakesmere North.

For more on Lakesmere Group

CN interviews Lakesmere Group CEO Ted McMullen on partners, Brexit and becoming the subbie of choice.

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