Caddick profits soar as pipeline hits £2bn

Aaron Morby 5 years ago

Caddick Group delivered a near five-fold rise in pre-tax profits to £18.8m on the back of strong growth in its property and construction operating businesses.

Paul Caddick, Caddick Group chairman,
Paul Caddick, Caddick Group chairman,

The West Yorkshire-based business now employs up to 500 staff and boasts a development pipeline of projects worth £2bn.

Caddick’s construction arm saw turnover levels rise 17% on the previous year to £81m, reporting a rise in pre-tax profit from £2m to £2.5m in the year ended August 31 2016.

The outlook for the current financial year is strong, with £92m of turnover forecast with a current forward order book of £70m.

Andrew Murray, chairman of Caddick Construction, said: “It’s been a fantastic year for us with a number of projects delivered on time and to budget and some really exciting sites starting to take shape.

“2016 was also the year we were named Best Main Contractor to Work With by Construction Enquirer, an award voted for by construction professionals.”

Eighty per cent of Caddick Construction’s business is from repeat clients.

The Moda Living brand, a joint venture between Caddick and Generate Land, is pressing ahead with a raft of build to rent schemes promising strong future returns.

Construction of the flagship Angel Gardens development in Manchester is now underway and the joint venture has acquired or contracted to buy further sites in Liverpool, Glasgow, Edinburgh and Birmingham.

The group’s property development arm delivered £16.7m of group profit and secured outline planning approval for its £300 million Quarry Hill scheme in Leeds, a key development in the regeneration of Leeds City Centre’s Cultural Quarter, as well as completion of development schemes in York and Gateshead.

Overall group turnover rose 60% to £147m helped by contract wins in the automotive sector with projects for Jaguar Land Rover, Vauxhall and The Car People.

Paul Caddick, chairman of Caddick Group, said: “We continue to invest in the growth of the business through strategic land acquisition and look forward to building on these results in 2017.”



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