Beds and sheds boom lifts Caddick to record revenue

Aaron Morby 5 years ago
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Yorkshire construction and property group Caddick has reported record turnover after a bumper year in the beds and sheds markets.

Chairman Paul Caddick says firm enjoyed a  bumper 2018
Chairman Paul Caddick says firm enjoyed a bumper 2018

Group-wide revenue climbed by nearly 50% to £226m, while pre-tax profits also grew by over a third to £11m.

With a £4.6bn development pipeline across housing and industrial, Caddick is emerging as a market leader in ‘beds and sheds’ – two sectors with high growth potential.

The firm’s joint venture build to rent brand Moda Living boasts a £2bn pipeline of 7,000 rental flats in 10 cities across England and Scotland.

The JV’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.

Caddick Construction is building the project after taking over as main contractor from Carillion in January 2018.

This construction arm enjoyed another strong year as well, with pre-tax profits jumping 30% to £2.7m.

Caddick Construction also launched a North West subsidiary to capitalise on its growing work in the region, with projects spanning the residential, industrial/logistics and automotive sectors.

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.

“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.”

Caddick expanded its land acquisition activities during 2018 following the launch of its strategic land division in 2017, hiring three new team members.

This division continued to focus is on securing planning consents on small and large sites for residential and logistics/industrial use.

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