Caddick, the family-run property and construction specialist, has reached a record-breaking annual turnover of £606m in its latest financial year results.
Compared to the previous 2022/23 year, the group saw gross profit increase by 23% to £70m and its net assets grow steadily to £202m. These latest results demonstrate the group’s commitment to develop, deliver and operate a variety of projects in the BTR, PBSA, residential, and industrial and logistics sectors across the country.
The group – consisting of Caddick Construction, Caddick Developments and Moda Living – has continued to expand and deliver significant placemaking projects across the country, despite uncertainty in the wider market, by engaging with the public and fostering strategic partnerships between public and private sectors.
Paul Caddick, Chairman at Caddick, 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.”
Key milestones for Caddick over the past year include:
- Opening new headquarters for the construction division in Wakefield, and the team having been appointed as principal contractor on two major regeneration projects in Birmingham – including Stone Yard, a 995-apartment project for Moda Living
- The developments team achieving consent from Leeds City Council for South Village, a £1bn regeneration project that will deliver 2,000 homes, 450 hotel beds and 700,000 sq ft of commercial space in the city centre
- Caddick’s developments and construction teams having worked together to deliver a £42m highly sustainable manufacturing facility for Schneider Electric at Scarborough Business Park
- Launch of three new Moda Living build-to-rent neighbourhoods with debut communities in Glasgow and Brighton and Hove, plus a second location in Birmingham
- Completion of Wellesbourne, Preston Park a 229-home development for Federated Hermes’ BTR brand, Hestia, in Brighton
- Opening of the first site for new single family BTR brand, Casa by Moda, at Vista Park in Glasgow, with two additional single-family neighbourhoods announced in Yorkshire
Johnny Caddick, Caddick Group and Chief Executive of Moda Living, said:
“We’ve had a very strong year across the Caddick group of businesses as we continue to expand our industry expertise and developments pipeline, while tapping into new living sectors. We’re excited to deliver inclusive and accessible BTR schemes, that don’t just reflect our long track record of award-winning operations, but also enable communities across the country to thrive.”
Caddick’s construction division has also increased its turnover to £356m, which is testament to its ambitious and growing pipeline, particularly in the Midlands following the establishment of its Birmingham office.
The team has started work on two major mixed-use schemes in the city, including Upper Trinity Street on behalf of Cole Waterhouse, and Stone Yard, on behalf of Moda. This growth has enabled the business to expand and strengthen its team, including through the appointment of Operations Director, John Currie.
Paul Dodsworth, Group Managing Director of Caddick’s construction business said: “We’re proud of our strong pipeline of construction work and the expansion of our exceptional services to a variety of regions, most recently the thriving Midlands market.
“We have established strong relationships with clients in this new region and continued to deliver innovative and sustainable projects, enabling us to grow by over one hundred employees and unlock a new chapter for the business. We are also looking forward to seeing further expansion within the North East market, enabled by our recent investment in a Durham office and our continued collaboration with our trusted partners.”
Myles Hartley, Managing Director of Caddick’s developments division, and group ESG lead, said: “Although planning timeframes remain challenging, we’re excited to be growing our strong pipeline of sites and continue to see resilience across our key sectors of residential and industrial and logistics.
“Our close relationships with funders and occupiers are proving really valuable, helping us stay flexible in an ever-changing market. This gives us a solid foundation for future growth, continuing to meet the needs of local communities and creating sustainable, inclusive places for everyone.”
Over the past year, the Caddick group of businesses has also extended its commitment to having a positive impact in the places where it operates, following the appointment of Jessica Herman as Group Head of ESG and Sustainability in October 2024.
Jessica will lead the group’s ‘Places for Life’ strategy, originally launched in 2023, aimed at ensuring the projects across the different arms of the business will prioritise the three key ESG areas – communities, environment and business – to create sustainable places for current and future generations.