Caddick Group surpasses £500m turnover

Following the publication of its latest financial results, the Caddick Group increased its turnover to over half a billion over the last year.

Pictured left to right: Paul Dodsworth, Group MD, Caddick Construction; Johnny Caddick, Caddick Group and Chief Executive, Moda Living; and Myles Hartley, MD, Caddick Developments | BTR News
Pictured left to right: Paul Dodsworth, Group MD, Caddick Construction; Johnny Caddick, Caddick Group and Chief Executive, Moda Living; and Myles Hartley, MD, Caddick Developments.

Yorkshire headquartered Caddick Group has significantly increased its annual turnover to over £500m, following the publication of its latest financial results. The Group businesses -includes Caddick Developments, Caddick Construction and Moda Living (the Group’s joint venture with Generate Land).

In the period September 2022 to August 2023, turnover across the Group increased by 17% to £575m despite a challenging economic market, with pre-tax profits of £35.5m achieved.

The Group achieved several milestones, including over 4,500 homes on site across the period, and c. two million sq ft of industrial and employment space under development.

Significant investment was also 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 Living’s operational Build to Rent neighbourhoods.

“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 an impressive development pipeline to secure the future success of the business.”

Johnny Caddick, Caddick Group and Chief Executive, Moda Living

Moda Living achieved key milestones in 2022/23. The company completed over 2,500 units and has an additional 3,600 under construction. Moda also opened Casa, Vista Park, Casa by Moda’s first single-family housing (SFH) neighbourhood and they acquired a Leeds site to deliver Casa, Abbey Court SFH.

Moda Living also secured the largest ever funding deal for a regional Build to Rent development in the UK for Great Charles Street in Birmingham. The scheme will deliver 722 new homes and is expected to open in 2025.

“We’re pleased with a strong profit and turnover for this year, which was underpinned by the strength of Moda’s performance across our 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, market leading strategic partnerships and securing a pipeline of high-quality and accessible living products across the UK.”

Tony Brooks, Managing Director, Moda

During this period, Moda Living also entered into a new partnership with Aviva Capital Partners, the insurance giant’s first move into the sector. The new joint venture will deliver Stone Yard, a Build to Rent scheme in Digbeth, Birmingham which will include 1,000 new homes.

The company also added New Garden Square to its portfolio, and 11-acre urban community that will deliver up to 2,000 new homes and £6m of public realm, and launched a new purpose-built student accommodation (PBSA) platform.

“We’ve had a very positive 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.”

Paul Dodsworth, Group MD, Caddick Construction

The Caddick Construction business marked a return to profitability across all of its regions, reporting a turnover of £318m. the company also celebrated the completion of key projects including Leeds Valley Park, One City Park in Bradford and St. Modwen Park in Lincoln.

Caddick Developments 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 continued evolution of a sizeable land pipeline capable of delivering over 18.5m sq ft of industrial space and over 11,000 residential units.

“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.”

Myles Hartley, MD, Caddick Developments

Caddick Group has over £9.8bn worth of assets in the development pipeline, including more than 34,000 homes and over 18.5 million sq ft in logistics and distribution space.