Yorkshire headquartered Caddick Group has significantly increased its annual turnover to over half a billion pounds, following the publication of its latest financial results.
Turnover across the Group, which is one of the UK’s leading integrated property businesses, has jumped by 17% despite a challenging economic market, with pre-tax profits of £35.5m achieved.
A number of milestones were achieved across the Group businesses – Caddick Developments, Caddick Construction and Moda Living – throughout this period, including over 4,000 homes being on site across the period, as well as over 4 million sq ft of industrial and employment space being delivered.
Significant investment has also been made into securing a robust development pipeline, with key sites being brought forward, the expansion of Caddick Construction into new regions across the UK, and record occupancy levels achieved across Moda’s five operational build-to-rent neighbourhoods.
Across the Group, the focus has remained on investing in people and processes, enabling strong future growth and helping to deliver its ambitious sustainability and social impact agenda. Key milestones for 2022 / 23 include:
- Caddick Construction: Marked a return to profitability across all of its regions reporting a turnover of £318m, as well as celebrating the completion of key projects including Leeds Valley Park, One City Park in Bradford and St. Modwen Park in Lincoln.
- Caddick Developments: The developments business has continued to act as the catalyst for new opportunities across the Group. Highlights include the successful sale of industrial and logistics schemes, including units at Leeds Valley Park and phase one of Farington Park, as well as the development of a sizeable land pipeline capable of delivering over 18m sq ft of industrial space and over 11,000 residential units.
- Moda: Made significant reinvestment into the business with the launch of a new PBSA platform and masterplanning strategy. With 3,000 units on site during the period, Moda also secured the largest ever funding deal for a regional BTR development in the UK for Great Charles Street in Birmingham, and announced a new partnership with Aviva Capital Partners in the insurance giant’s first move into BTR.
- While the business’s five operational BTR neighbourhoods continued to perform strongly, Moda is planning to launch another three neighbourhoods in the 2023/24 financial year.
Johnny Caddick, Caddick Group and Chief Executive of Moda Living, commented: “It’s been another strong year for Caddick Group, and we’re particularly proud to have hit a milestone turnover of over half a billion pounds, as well as securing a robust development pipeline to secure the future success of the business.
“Moda has also delivered strong turnover and profit, underpinned by the strength of its performance across its operational portfolio and a number of key deals secured in a challenging market. This year saw Moda make significant reinvestment in the business with the launch of new residential platforms, exciting strategic partnerships and securing a pipeline of high-quality and accessible living products across the UK.”
Paul Dodsworth, Caddick Construction Group MD, commented: “We’ve had a very strong year across all businesses under the Construction Group, demonstrating our resilience, adaptability and commitment to excellence. It’s been an exciting year of change with the launch of our new office in Birmingham, and our expansion into the North East market, enabling us to increase the geographical reach of our excellent reputation for high quality projects. We maintain a focus on ensuring our growth is steady and sustainable thanks to the skill, knowledge and dedication of our amazing regional teams.
“As part of this, we are making great progress in balancing our portfolio of public and private sector projects through a range of framework appointments. We are forecasting a turnover for 23/24 of £400m with a forward order book of £704m, which is a testament to our financial strength and our strategy to do business with like-minded customers, delivering exceptional projects and always treating our supply chain fairly.”
Myles Hartley, MD of Caddick Developments, said: “This year, we have prioritised developing and diversifying our pipeline across both the residential and the industrial and logistics sectors, bolstering our operations as we enter into our next phase of growth. With a number of key promotions recently made across the business, our priority has also been to invest within our people to continue driving forward the fantastic progress that we have seen over the last year.
“Looking ahead, we have a number of exciting projects coming forward, including our £1bn South Village scheme, the completion of the SOYO regeneration project, and the beginning of phase two of Farington Park. Each of these key developments, alongside our wider portfolio, acts as a key example of our commitment to creating high-quality spaces that make a long-term positive impact on people, place and planet.”
Caddick Group has more than £9.8bn worth of assets in the development pipeline, including more than 18 million sq ft in logistics and distribution space and more than 34,000 homes. To find out more about Caddick Group, visit: https://caddick.co.uk/
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