Lakehouse has revealed it is selling its loss-making construction and property services divisions.

In its interim results for the six months ended 31 March 2018, Chairman Bob Holt revealed the company had signed heads of agreement to sell both divisions.

The contractor's results showed construction and property services made a loss of £11.8m on revenues of £41.3m (2017; £61.8m).

Lakehouse said: "The period reflected a significant improvement in the performance of Property Services, which saw a pleasing return to operational stability, if not profitability.

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"Construction was impacted by a number of project delays, so whilst the business remained profitable at an underlying trading level, it performed below expectations in the period.  Both businesses have strong orderbooks that we believe will stand them well for the future under new ownership."

Mr Holt said: "The businesses, which comprise the original Lakehouse core activities plus the acquired business Fosters, are being acquired by a team of sector specialists and I believe that without the constraints of a Plc environment, they will be successful."

"I am delighted therefore to confirm that the Group now has two operating divisions in Compliance and Energy Services. Both businesses are sector specialists, broadly non-cyclical apart from seasonal demands, but most importantly, predictable, profitable and cash generative."

(LM/MH)