Double digit growth for Caddick Construction

Caddick Construction Limited reported turnover of £355.2m for the year ending 31^st  August 2024, up 12% on 2023’s £317.6m.

Pre-tax profit was up by a similar percentage at £8.3m (2023: £7.4m) with a margin remaining stable at 2.4%.

Alongside growth in revenue, Caddick Construction’s order book grew by 7% to £750m and year-end cash increased to £32.8m from £31.9m along with no debt.

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 saw a consolidated turnover up 5% to £606m (2023: £575m), a 23% increase in gross profit to £70m and net asset growth to £202m.

Group pre-tax profit was down 18%, however, at £28.8m (2023: £35.4m).

The business paid out dividends of £2m to the owner for the year, down from £2.4m for 2023.

Caddick Construction Group’s results follow a year of milestones for the business, including the launch of its new Wakefield headquarters in June 2024, followed by the opening of a northeast office in Durham.

Paul Caddick, chairman and owner of the Caddick Group, 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, managing director of Caddick Construction, 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 UK 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.”

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