Major deals and successful delivery milestones contributed to a strong year-on-year performance at Yorkshire-headquartered property business Caddick Group.
The group, which includes companies such as Moda Living, Caddick Developments and Caddick Construction, has seen a significant increase in revenue (28%) and profit (41.8%) compared to the previous financial year following a record year of delivery.
Group revenue for the year ending August 2022 was £492m. with pre-tax profits of up to £58m.
Johnny Caddick, director, said: “Our focus on Living and logistics has proven its resilience and strength over recent years, putting the Caddick Group in a strong financial position.
“Our work to secure a market-leading pipeline of opportunities across our sectors has given us the flexibility to invest in our future and secure a bright outlook.
“We have a national geographic reach with projects now on site in the North of England, Scotland, the Midlands and the South.
“As a privately held company, we have the flexibility to make decisions quickly and respond quickly to changing market conditions. Our expanding team has worked tirelessly to ensure we are in rude health, giving us the confidence to invest in our future.”
The group says it continues to increase its long-term development pipeline and remains particularly focused on a dual real estate strategy of Living and Industrial/Logistics.
This is driven by Moda Living, which supplies and operates rental housing across the build-to-rent, single-family rental, student housing and co-living markets; Caddick Developments, which supplies commercial premises throughout the UK; and Caddick Construction, which offers new construction, renovation and construction projects.
Caddick Group says the Living and Industrial/Logistics sectors are supported by the strong fundamentals of robust business demand and limited supply.
Paul Dodsworth, managing director of Caddick Construction, said: “We’ve had a really strong year, growing our portfolio, our team and our capabilities.
“Our strategy is fully focused on continuing our sustainable growth; build a diverse pipeline of work across our core sectors and ensure we have a balanced portfolio of public and private projects.”
On the industrial and logistics side of the business, significant finance deals have been signed by Caddick Developments for major sites in the North West and Yorkshire, including Farington Park in Leyland, Lancashire, a 544,000 m2 distribution center and Leeds Valley Park, representing 300,000 sq ft of space across 12 acres.
Meanwhile, Moda Living has delivered three new build-to-let quarters during the year.
These included the 515-home Moda, New York Square development on the SOYO site in Leeds; Moda, The Lexington in Liverpool, a 325 residential development on the waterfront; and Moda, The Mercian in Birmingham, which is the Midlands’ tallest residential building with 487 homes spread over 42 floors.
The company also continued to expand its pipeline of 24,000 homes, with £1.5bn of projects. live on site during the period.
Caddick’s construction business has seen 30% growth in its core markets, including industrial and residential, along with other projects in the office, healthcare and process-related sectors.