LNT Group optimistic as turnover soars
THE directors of the LNT Group say they are “extremely” optimistic for the future, as the Yorkshire business saw turnover rise by almost 20% to more than £90m and pre-tax losses shrink.
In the accounts for the year ended March 2014, the Leeds-headquartered group, founded by entrepreneur Lawrence Tomlinson, has reported a 19% rise in turnover to £90.6m (£110m total turnover including inter-group transactions) and a pre-tax loss of £5.7m reduced from £8.4m in the previous period. The group made a consolidated operating loss for the year of £1.7m, a 72% improvement on the prior year. The fixed assets of the group have increased in value by £8.3m in 2013-14.
In its accounts filed at Companies House, the group, which has interests in a diverse range of industries, including motor car production, care homes, software and construction, said the group is satisfied that it continues to make demonstrable progress towards profitability and its strategic objectives. It added that all divisions have made significant growth since the balance sheet date.
“Consequently, the board is confident of seeing further substantial improvement in financial performance in 2014/2015 and expects to see further significant growth in profitability,” the group said.
Matt Lowe, commercial director, said: “The LNT Group is proud to be an award-winning business, creating local jobs in Yorkshire and expanding skills in the key sectors of construction, engineering and manufacturing. Having secured a 10-year debt facility with Legal and General of £51m for our care homes business in 2014, we have a fantastic platform to keep growing the group. We’re very pleased with the performance post 2013-14 accounts and expect 2015 to be an exciting year for us.”
The group, which employs 1,880 people, said demand for LNT Construction’s Turn of Key care homes has escalated, securing an “impressive” forward pipeline of development with both new and repeat purchasers. It said Ideal Carehomes continues to invest into the business and now has over 2,000 beds across the UK and LNT Solutions maintains investment in research and development, entering the wing de-icing market and creating new, innovative methods of delivery for climate protection products. This business continues to take a greater share of the de-icing market, winning new customers in Europe and North America. LNT Software has also expanded its customer base and improved operating profit to £18.7m.
Lawrence Tomlinson, founding chairman of the LNT Group, said: “It is fantastic to see the group continuing on a positive growth trajectory. We have an excellent team at LNT who drive the business forward. Ginetta Cars currently has the biggest order book the business has ever seen. With Sir Chris Hoy on board to drive our new LMP3 car next year, we can only imagine demand increasing further.
“LNT Construction’s pipeline is also developing at an impressive rate and we are expanding ever further south. This growth across the group is allowing us to employ more apprentices and develop the skills which are so desperately needed to regenerate the real economy and boost UK growth.”
