Turnover rises but profits fall at construction group Caddick
YORKSHIRE-HEADQUARTERED Caddick Group has increased its annual turnover to over half a billion pounds but pre-tax profits fell by nearly 40 per cent.
Turnover across the Wetherbybased group, a privately-owned property and construction business, jumped by 17 per cent to £575m in the year to August 31, 2023. Pre-tax profits were £35.5m, down from £58m in 2022.
The 2022 figures were boosted by property development activities and the construction division made a loss. The latest results see Caddick
Construction increase turnover and return to profit.
A number of milestones were realised across the group businesses – Caddick Developments, Caddick Construction and Moda Living – throughout this period, including over 4,500 homes on site, as well as about two million sq ft of industrial and employment space under development.
Caddick Construction reported a turnover of £318m, up 38 per cent on the previous year, and made a 2.3 per cent profit, compared to a pretax loss of £3.9m the previous year.
It completed key projects including Leeds Valley Park and One City Park in Bradford.
Caddick Developments sold units at Leeds Valley Park and phase one of Farington Park and grew its land pipeline capable of delivering over 18.5m sq ft of industrial space and over 11,000 residential units.
Meanwhile, Moda launched a new purpose-built student accommodation platform, and opened the first Casa by Moda neighbourhood – a new single family housing joint venture.
Moda also secured the largest ever funding deal for a regional buildto-rent development in the UK for Great Charles Street, Birmingham, and announced a new partnership with Aviva Capital Partners in the insurance giant’s first move into build-to-rent. Johnny Caddick, Caddick Group and chief executive of Moda Living, said: “It’s been another strong year for Caddick Group, and we’re particularly proud to have hit a milestone turnover of over half a billion pounds, as well as securing an impressive development pipeline to secure the future success of the business.”
Paul Dodsworth, managing director of Caddick Construction Group, said: “We’ve had a very positive year across all businesses under the Construction Group, demonstrating our resilience, adaptability and commitment to excellence.
"It’s been an exciting year of change with the launch of our new office in Birmingham, and our expansion into the North-East market, enabling us to increase the geographical reach of our excellent reputation for high quality projects.
"We maintain a focus on ensuring our growth is steady and sustainable thanks to the skill, knowledge and dedication of our amazing regional teams.”
He added: “We are forecasting a turnover for 23/24 of £400m with a forward order book of £704m.”
Caddick Group has more than £9.8bn worth of assets in the development pipeline, including more than 18.5 million sq ft in logistics and distribution space and more than 34,000 homes.