A WINCHESTER roofing contractor has announced a dramatic rise in profits.

Lakesmere Group Limited has declared profits before tax have increased by 78.5 per cent, from £1,115,874 to £1,991,620, for the period ending January 31 2014.

The group’s turnover has also grown from £55.7 million to £86.3 million – an increase of 55 per cent.

It is predicted the group’s turnover is likely to exceed the £100 million mark later this year.

Lakesmere’s chief executive officer Mark Davey said the firm will continue to work closely will the group’s five subsidiary companies -Lakesmere Limited, McMullen Facades Limited, Lakesmere Arabia LLC, Lakesmere Oman LLC and Lakesmere UAE LLC – to monitor operations.

Mr Davey added that their successful financial performance was largely due to the group’s expansion into the glass facades market, demand for which been fuelled by the recent high-rise building boom in London.

“We have always adopted a prudent approach, maintaining strong cash reserves to sustain the business in challenging economic conditions but also to fund investment for growth,” Mr Davey said.

“Despite the well-documented trading conditions in the construction industry over the past five years, the business has achieved an average increase in turnover of 19 per cent each year growing from £43.4 million in 2010 to £86.3 million in the period ending January 31 2014.”

The company has a number of high profile contracts within the UK, including Heathrow Airport’s new Terminal 2a, and is securing a number of foreign contracts, most notably across the Middle East’s aviation sector.

In 2013, the decision was taken to reorganise the business to create a new corporate structure and board of directors.

Mr Davey added: “The last few years have brought with them some of the biggest changes seen by Lakesmere in almost 21 years in business. The decision to implement a corporate reorganisation is key to the future growth of our operations here in the UK and overseas but it also emphasises the robust management and financial controls that have long been at the heart of Lakesmere’s business ethos.

“As well as sustaining our strong market share in the UK, a proportion of Lakesmere’s future growth will come from our more recently established ventures, particularly our thriving international operations. In line with good corporate governance, the new structure and board of directors will strengthen the organisation and continue to provide a transparent and accountable framework for the management of the business.”