Caddick Group reports record year as turnover surpasses £200m

Turnover has rise by 49% to exceed £200m for the first time at the family-run construction and property development business, Caddick Group.

The Wetherby-headquartered firm reported a record turnover of £226m, in its annual report for the year ended 31st August 2018, with pre-tax profits also rising by 37.5% to £11m.

The group has a £4.6bn development pipeline across housing and industrial. Its Moda Living build-to-rent brand, a joint venture with developer Generate Land backed by Apache Capital Partners, also has a £2bn pipeline of 7,000 rental apartments in 10 cities across England and Scotland.

The joint venture’s flagship scheme Angel Gardens, a 466-home 35-storey tower in central Manchester, topped out in January this year, with the first residents moving in this Summer.

In addition, Caddick expanded its land acquisition activities throughout 2018 following the launch of the strategic land division in 2017, hiring three new team members. The division’s continued focus is on securing planning consents on small and large sites for residential and logistics/industrial use.

Caddick Construction also reported a 30% rise in pre-tax profits to £2.74m. During this period, the construction division launched a North West subsidiary to capitalise on its work in the region, with projects spanning the residential, industrial/logistics and automotive sectors.

Caddick now also has offices in Birmingham, London and Manchester in addition to its Group headquarters in Wetherby.

Paul Caddick, chairman of Caddick Group, said: “Despite the challenges posed by Brexit and related political uncertainty, this has been a bumper year for the Group, with turnover breaking the £200m mark for the first time in the company’s history.

“After a dip last year, profits are also up, while we have a strong pipeline covering two of the hottest areas of the UK property market right now: beds and sheds. Given the continued mismatch between demand and supply in residential and logistics, driven by structural rather than cyclical shifts, we see further growth potential in both sectors and are committed to delivering.”