LNT Group back in the black with £19m profits
THE LNT Group is back in the black, reporting pre-tax profits of £19m after £4.2m losses last year.
In the year to 30 March 2016, accounts filed at Companies House show that turnover reached £75m, a decline on last year’s £95m – but profit margins have been significantly improved.
It divested 26 homes in the Ideal Carehomes group to Anchor Trust in September 2015 for more than £100m, pumping the profits back into the care homes business, bringing staff pay up to Living Wage level and improving property assets as well as its lifestyle offering.
Capitalising on its strength in the care home market, LNT Care Developments, in conjunction with LNT Construction, has 13 sites due for completion by March 2017.
Ginetta, LNT’s race car manufacturing business based in Garforth, also made progress, with turnover increasing 28.5% to £6.2m and has seen growing demand for international markets.
Its software business saw a slight dip in turnover, by 2.2% to £1.1m, and LNT Solutions yesterday announced that it was selling its North American de-icing business.
Matt Lowe, LNT chief executive who took over the reins from founder Lawrence Tomlinson in late 2015, said: “We are such a forward-looking company that we’re always thinking about the next innovation or expansion, so preparing the accounts is a great moment to reflect on the progress we’ve made.
“As ever, it’s been a fast moving year with lots of changes within the businesses, typical of the entrepreneurial flair the company has inherited from its founding chairman, Lawrence Tomlinson.
“With the improvements we’ve been making in Ideal Carehomes, and the successful drive to ramp-up our construction activity, I am delighted by how much progress we’ve already made this year.”
Matt added: “We are excited by what 2017 has in store for Ginetta. We have spent a decade investing heavily in the car range with 2016 taking us firmly into the world of prototype racing with our G57.
“The brand is growing impressively and our international reach will be at new heights next season.”
Mr Lawrence said he remained pleased by the progress LNT continues to make, describing this year’s figures as ‘brilliant’.
