LNT Group has spent 2015 restructuring and building its senior management team following a year of disappointing profits in 2014-15.
Full year results for the 12 months to March 31, 2015, show revenue rising 5.7% to £95.8m, but the company barely broke-even with profit of just £300,000 after an exceptional cost of £600,000 hit.
Since the year end, LNT has announced a number of advances in the business. In September 2015, the company sold 25 of its care homes to Anchor, retaining 15 homes under the Ideal Carehomes brand. As a result, the LNT Group Limited company net assets now stand at £25.8m compared to £2.1m at March 2015.
LNT 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.
Matt Lowe (pictured above), who was promoted from financial director to chief executive of LNT in October last year, 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.”
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.”