Lakesmere braced for tougher year

Cladding specialist Lakesmere is bracing itself for a fall in turnover and margins this year.

Latest figures show turnover increased to £43.2m for the 12 months to January 2009 compared to £41.6m previously.

Pre-tax profits detailed in accounts lodged at Companies House also increased to £1.37m from £1.25m

But Lakesmere directors warned in their annual report that this year is set to be more of a struggle.

It states: "After a successful year, the coming year will be challenging given the current economic environment.

"However the company's order book continues to be strong and the directors envisage a small reduction in activity in the coming year though margins will be reduced."

The firm employed 198 people during the year and the highest paid director received a package worth £338,000.