Deals and project delivery fuel growth for property group
Major deals and successful delivery milestones contributed to a strong annual strong performance at Yorkshire- headquartered property business, Caddick Group.
The group, which includes businesses such as Moda Living, Caddick Developments and Caddick Construction, has seen a significant rise in turnover (28%) and profits (41.8%) compared to the prior financial year after a record year of delivery.
Group turnover for the year ending August 2022 stood at £492m, with pre-tax profits up to £58m.
Johnny Caddick, director, said: “Our focus on Living and logistics has proven its resilience and strength through recent years, putting Caddick Group in a strong financial position.
“Our work to secure a market leading pipeline of opportunities across our sectors has given us the headroom to invest for our future and secure a bright outlook.
“We have a national geographical reach, with projects now on site in the North of England, Scotland, the Midlands and the South.
“As a privately owned business, we have the flexibility to take decisions quickly and react at speed to evolving market conditions. Our expanding team has worked tirelessly to ensure we are in rude health, giving us the confidence to invest in our future.”
The group says it continues to increase its long-term development pipeline and remains particularly focused on a twin property strategy of Living and Industrial/Logistics.
This is driven forward by Moda Living, which delivers and operates rental homes across the build-to-rent, single family rental, student accommodation and co-living markets; Caddick Developments, which delivers commercial spaces across the UK; and Caddick Construction, which offers new build, refurbishment and civil construction projects.
Caddick Group says the Living and Industrial/Logistics sectors are underpinned by the strong fundamentals of robust occupational demand and constrained supply.
Paul Dodsworth, managing director of Caddick Construction, said: “We’ve had a really strong year, one in which we’ve grown our portfolio, our team and our capabilities.
“Our strategy is fully focused on continuing our sustainable growth; building a diverse work pipeline across our core sectors and ensuring we have a balanced portfolio of public and private sector projects.”
On the Industrial & Logistics side of the business, significant funding deals have been signed by Caddick Developments for large sites in the North West and Yorkshire, including Farington Park in Leyland, Lancashire, a 544,000 sq ft distribution centre, and Leeds Valley Park, representing 300,000 sq ft of space across 12 acres.
Meanwhile, Moda Living delivered three new build-to-rent neighbourhoods during the year.
These included the 515-home Moda, New York Square development at the SOYO site in Leeds; Moda, The Lexington in Liverpool, a 325-home development on the waterfront; and Moda, The Mercian in Birmingham which is the Midlands’ tallest residential building comprising 487 homes across 42 storeys.
The business also continued to build out its 24,000-home pipeline, with £1.5bn of projects live on site during the period.
Caddick’s Construction business has seen a 30% growth in its core markets, including industrial and residential alongside other projects in the office, healthcare and process related sectors.