Cardo Group has rapidly expanded its position in the UK building maintenance market, creating a business with full-year revenues of £314 million following a sustained programme of acquisitions and organic growth.
The Cardiff-based group, which specialises in repairs, maintenance and improvement services for the social housing sector, reported statutory turnover of £239 million for the year to February 2026, representing a 65% increase.
Growth was supported by seven acquisitions during the period alongside expansion across Cardo’s existing operations, as the business continues to build greater regional coverage and broaden the specialist services it can provide to housing clients.
Operating profit more than doubled from £6 million to £14 million, with the operating margin increasing from 4.3% to 5.8%. However, the scale of the enlarged group is better reflected by full-year trading figures incorporating 12 months of revenue from the acquired businesses, which put turnover at £314 million and adjusted EBITDA at almost £32 million.
Cardo’s acquisition programme has brought a diverse range of building maintenance capabilities into the group. Deals have included Breyer’s roofing division, energy specialist SERS operations in Scotland and Wales, CTS Projects, Scottish roofing contractor Faskin Group, passive fire protection specialist Gunfire and Trident Maintenance Services.
Expansion has continued since the financial year-end. Welsh electrical maintenance specialist EFS Systems (UK) joined Cardo in May, followed in July by R Lewis & Co (UK) Holdings and subsidiary R Lewis & Co (UK), strengthening the group’s passive fire safety capabilities.
In August, Cardo added Andover-based plumbing and heating specialist Correct Contract Services, further expanding its building services offering and geographical reach.
The acquisition strategy has been accompanied by significant workforce growth. Average employee numbers increased from approximately 780 to 1,276, with much of the expansion concentrated within operational roles.
Cardo’s balance sheet also reflects the pace of investment. Cash increased from £9.9 million to £15.1 million, while long-term creditors rose from £30.5 million to £81.6 million as acquisition financing was deployed to support the group’s expansion.
The business is now looking to combine further strategic acquisitions with organic growth secured through long-term repairs and maintenance contracts. Its strategy is particularly focused on strengthening regional delivery capabilities across the social housing market while bringing together complementary services including roofing, electrical works, heating, energy efficiency and passive fire protection.
Further consolidation is also planned within Scotland, where Heatcare Oil and Gas and Rodgers & Johnston are set to be integrated into Cardo Scotland.
With a strong forward order book and growing pipeline of opportunities, Cardo is positioning the enlarged group for further expansion as investment in housing maintenance, building safety, energy efficiency and asset improvement continues across the UK.
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