Caddick Group reveals record turnover worth over £200m

Caddick Group has reported a record turnover of £226m in its annual report for the year ended August 31, 2018

Its pre-tax profits stands at £11m. Group-wider turnover climbed by 49 per cent from 2018 while pre-tax profits grew by 37.5 per cent.

The company has a £4.6bn development pipeline across housing and industrial.

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, with turnover breaking the £200m mark for the first time in the company’s history.

“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’s Moda Living build-to-rent brand, a joint venture with developer Generate Land backed by Apache Capital Partners, has a £2bn pipeline of 7,000 high quality rental apartments 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 2019, with the first residents moving in this summer.

Caddick Construction is building the project after taking over as main contractor from Carillion in January 2019.