Yorkshire’s Caddick Construction Group has toasted a 12% rise in revenues on the back of regional expansion and growth in residential and industrial projects.
Accounts for Wakefield based Caddick Construction Ltd have been published covering the year ended August 2024, with turnover topping £355.1m, while operating profit rose from £6.8m to £6.9m, and pre-tax profit topped £8.3m, up from £7.4m. The results form part of the 2023/24 figures for the wider Caddick Group, which consists of Caddick Construction, Caddick Developments and Moda Living. The group said it saw a consolidated turnover of £606m, a 23% increase in gross profit to £70m and net asset growth to £202m.
The group said its order book continued to grow by 7% to £750m and year-end cash increased to £32.8m from £31.9m along with no debt, positioning it well for a strong future. Highlights during the year included the launch of its new Wakefield headquarters last June, followed by the recent opening of its first North East office in Durham.
The year also saw it grow its project pipeline across the North West, Cumbria, North East, Yorkshire and the Midlands, with project appointments including the new Schneider manufacturing facility in Scarborough and the expansion of Loreto Sixth Form College in Manchester. It has also grown its portfolio of residential and industrial and logistics projects, with recent appointments including the first phase of Cole Waterhouse and Taurus Investment Holdings LLC’s Upper Trinity Street in Birmingham and Max Spielman’s new warehouse on the Wirral.
Within the accounts, directors say: “The current order book for the construction group remains strong, having secured work of just under £500m from a mix of external and internal work. Of this total £347m will fall within the forthcoming year, which makes up the bulk of the current forecast turnover of £400m.”
Following publication of the accounts, Paul Caddick, chairman, said: “I’m incredibly proud of the results we’ve achieved this financial year, with a strong turnover reflecting the hard work and dedication of our staff as we continue to build our pipeline and further invest in our people. Our people are at the heart of everything we do, and these results are a testament to the collective effort across the business, underlining our purpose of creating thriving communities.”
Paul Dodsworth, construction group managing director, added: “The past few years have seen the group achieve significant operational and financial progress. We are determined to work with clients and partners that share our values for quality and as a result, the contracts within our order book reflect the bidding discipline and risk management now embedded in the business.
“Our strategy is to balance our portfolio between the public and private sectors, growing our education and defence work pipeline alongside our core residential and industrial sectors. This ensures stable profitability to protect our business, our people, our clients and our supply chain. The success for future years is underpinned by the year-end order book, resulting from a large number of contract wins across Construction, Civil Engineering and CCL Facades, providing multi-year revenue visibility.
“We are well positioned to continue benefiting from Ƶ Government spending commitments and we are confident in sustaining strong cash generation, especially over the last few years, allowing us to grow and deliver the evolved long-term sustainable growth plan for Caddick Construction Group.
“Over the past year, the Caddick Group has also extended its commitment to having a positive impact in the places where it operates. We have made real progress in our scope 1 and scope 2 emissions.”
