Caddick Group increased its annual turnover by 17% to £575m and posted a pre-tax profit of £35.5m for the financial year ending August 2023.
The company’s pre-tax profit was down nearly 40% on last year’s pre-tax profit of £58m, which was a 41.8% increase on the previous 12-month period.
In the reporting period, Caddick said the group’s businesses – Caddick Developments, Caddick Construction and Moda Living (the group’s joint venture with Generate Land) – commenced the delivery of 4,500 new homes and circa 2m sq ft of industrial and employment space.
The group also acquired a number of key sites, expanded Caddick Construction into new regions across the UK and racked up record occupancy levels across Moda’s build-to-rent neighbourhoods.
Caddick Group’s Johnny Caddick 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 MD, added: “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.”
Myles Hartley, MD of Caddick Developments, said: “This year, we have prioritised developing and diversifying our pipeline across both the residential and the industrial and logistics sectors, bolstering our operations as we enter into our next phase of growth. With a number of key promotions recently made across the business, our priority has also been to invest within our people to continue driving forward the fantastic progress that we have seen over the last year.
“Looking ahead, we have a number of exciting projects coming forward, including our £1bn South Village scheme, the completion of the SOYO regeneration project, and the beginning of phase two of Farington Park. Each of these key developments, alongside our wider portfolio, acts as a key example of our commitment to creating high-quality spaces that make a long-term positive impact on people, place and planet.”
Tony Brooks, managing director at Moda, added: “We’re pleased with a strong profit and turnover for this year, which was underpinned by the strength of Moda’s performance across our operational portfolio and a number of key deals secured in a challenging market. This year saw Moda make significant reinvestment in the business with the launch of new residential platforms, market leading strategic partnerships and securing a pipeline of high-quality and accessible living products across the UK.”
