Caddick reports £58m profit
The Yorkshire property group hailed a year of record delivery, reporting a 28% rise in turnover to £492m.
Caddick Group, which includes businesses such as Moda Living, Caddick Developments and Caddick Construction, said that pre-tax profit had climbed by 41.8% over the course of its financial year, ending August 2022.
The group said that it continues to increase its long-term development pipeline and remains particularly focused on a twin property strategy of Living and Industrial/Logistics.
Great impetus has been given to the group by the blossoming in recent years of Moda Living, which delivers and operates institutional grade rental homes across the build-to-rent, single family rental, student accommodation and co-living markets.
Johnny Caddick said: “Our focus on Living and logistics has proven its resilience and strength through recent years, putting Caddick Group in a strong financial position. Our work to secure a market leading pipeline of opportunities across our sectors has given us the headroom to invest for our future and secure a bright outlook for the Group.
“We have a national geographical reach, with projects now on site in the North of England, Scotland, the Midlands and the South. As a privately owned business, we have the flexibility to take decisions quickly and react at speed to evolving market conditions. Our expanding team has worked tirelessly to ensure we are in rude health, giving us the confidence to invest in our future, which is reflected in an expanding pipeline with a GDV approaching £10bn.”
On the industrial side, significant funding deals were signed by Caddick Developments for major sites including a scheme at Leeds Valley Park. The business has also continued to reinforce its pipeline, with interests in sites capable of delivering more than 19m sq ft in coming years.
Moda Living delivered three new build-to-rent neighbourhoods during the year, including the 515-home Moda, New York Square development at the Group’s SOYO site in the heart of Leeds’ cultural quarter.
The construction business saw a 30% growth in its core markets, including industrial and residential. Both SOYO and the Leeds Valley Park project are being built by Caddick Construction.
During the period, Caddick, which has offices in Manchester, Birmingham and London as well as Leeds, also invested heavily in its ESG strategy, the group said.
Myles Hartley, managing director of Caddick Developments and group ESG lead said: “We have always been focused on the responsibility we have as a business to bring about long term positive impacts in the communities where the Group is active, but in recent years we have spent considerable time and effort codifying this and ensuring we are leading the way. Launching our Places for Life strategy sets out our bold ambitions and is a statement of intent about our future.
“We’re taking decisions now to embed these ambitions into every aspect of our business to ensure that we continue to deliver on our core strategies in sustainable, resilient and market-leading ways.”
Senior people continue to arrive at the firm, the latest being Steve Bell, who has joined as operations director in Caddick Construction, being brought into the business by fellow edx-Wates man, divisional managing director Paul Dodsworth.
