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The key signals from Lakehouse’s 2017 results are that the mainstream, core operations are back on track and are ready to improve further. The group has undergone restructuring, which had the effect of reducing revenue in 2017 at the group level, to improve the quality of its earnings. That process included downsizing Property Services, the sale of Orchard Energy (non-core) and increasing its presence in energy services and gas compliance. During the year to September 2017, Lakehouse won orders for £580m of new work (equal to 2x 2017 revenue). It is on frameworks with a value of £1.9bn, £0.3bn more than the previous year. The order book at end FY17 was up 19% at £631m. The business is well positioned and, with net debt at a “norm” run rate of £11m at y/e, has a robust balance sheet.

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