Caddick sees revenues climb above £500m

Caddick Group has significantly increased its annual turnover to over half a billion pounds, following the publication of its latest financial results.

Turnover across the group has jumped by 17% despite a challenging economic market. Pre-tax profits were £35.5m.

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.

A number of milestones were realised across the group’s businesses – Caddick Developments, Caddick Construction and Moda Living (the group’s joint venture with Generate Land) – throughout this period, including over 4,500 homes on site across the period, as well as c.2 million sq ft of industrial and employment space under development.

Significant investment has also been made into securing a robust development pipeline, with key sites being brought forward, the expansion of Caddick Construction into new regions across the UK, and record occupancy levels achieved across Moda’s operational build-to-rent neighbourhoods.

Caddick Construction marked a return to profitability across all of its regions reporting a turnover of £318m, as well as celebrating the completion of key projects including Leeds Valley Park, One City Park in Bradford and St. Modwen Park in Lincoln.

Caddick Developments continued to act as the catalyst for new opportunities across the Group. Highlights include the successful sale of industrial and logistics schemes, including units at Leeds Valley Park and phase one of Farington Park, as well as the continued evolution of a sizeable land pipeline capable of delivering over 18.5m sq ft of industrial space and over 11,000 residential units.

Moda made significant reinvestment into the business with the launch of a new purpose-built student accommodation (PBSA) platform, and the opening of the first Casa by Moda neighbourhood – a new single family housing joint venture. With 2,500 units completed and operational, and a further 3,600 units under construction during the period, Moda also secured the largest ever funding deal for a regional BTR development in the UK for Great Charles Street in Birmingham and announced a new partnership with Aviva Capital Partners in the insurance giant’s first move into BTR.

Johnny Caddick, Caddick Group director 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, Caddick Construction Group managing director, 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.

“As part of this, we are making great progress in balancing our portfolio of public and private sector projects through a range of framework appointments. We are forecasting a turnover for 23/24 of £400m with a forward order book of £704m, which is a testament to our financial strength and our strategy to do business with like-minded customers, delivering exceptional projects and always treating our supply chain fairly.”