LNT Group hails ‘positive picture’ as turnover climbs
LNT GROUP has hailed 2015 as “another year of progress” after seeing turnover grow and pre-tax losses shrink.
The Leeds-headquartered group was founded by entrepreneur Lawrence Tomlinson and has has interests in a diverse range of industries, including motor car production, care homes, software and construction.
In its latest set of accounts filed with Companies House for the year to March 2015, turnover increased by 5.7% to £95.8m while a pre-tax loss of £4.24m reduced from £5.7m in the previous period.
All five businesses grew during the period, with LNT’s international sales growing by 29% to £8.5m. Overall, the group reported an 84% improvement on operating performance from 2013-14 achieving an operating profit of £300,000, when excluding £600,000 of non-recurring advisory transaction and bank refinance costs.
Since the year end, LNT has announced a number of major advances in the business.
Related: Care home developer in £20m nationwide deal…
In September, LNT announced the sale of 25 of its care homes to Anchor, retaining 15 homes under the Ideal Carehomes brand. As a result, the LNT Group says net assets now stand at £25.8m compared to £2.1m at March 2015.
The sale of homes to Anchor will not show in LNT’s accounts until the 2016 results are announced.
The deal left LNT cash positive and the smaller retained Ideal Carehomes’ portfolio includes the newest and most modern care home facilities. LNT has since been investing heavily in these homes, and the Ideal Carehomes’ team, further increasing the quality of their care offer in order to secure growth for this division of the group.
Matt Lowe, chief executive of LNT said: “The 2015 accounts show a very positive picture for the LNT Group. I am particularly pleased by our international trade which continues to go from strength to strength. Both Construction and Software achieved huge increases in both turnover and profit. The positive trend in performance of the group since the end of the 2015 year-end has continued and we are already feeling very confident about the 2016 results.”
Related: Entrepreneur one-to-one: Lawrence Tomlinson, LNT Group…
Lawrence Tomlinson, chairman of LNT, added: “During the past year, not only have we seen improved business performance and significantly beneficial financial deals, but have also been working to ensure operational efficiency across the group. By increasing vertical integration between the businesses, sharing resources and knowledge, we’ve put the business on a very stable footing. It has been an exciting period of change for LNT which guarantees a sustainable future both in the medium and long-term for us.”
LNT also recently announced an organisational reshuffle to boost focus on the development arm of the group, LNT Care Developments, on the back of sustained growth in interest from companies seeking modern, purpose-built, facilities for the retirement living and social care sector.
