Caddick Group revenues soar amid build-to-rent boom

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Caddick Group’s revenues person soared by much than a quarter, arsenic the steadfast continues to bounce backmost from the COVID-19 pandemic.

Group gross stood astatine £383.6m for the twelvemonth to the extremity of August 2021, up by 28.4 per cent from £298.6m successful 2020. Group nett earlier taxation besides roseate by 9.4 per cent to £17.1m implicit the aforesaid period.

Caddick’s build-to-rent arm, Moda Living – a associated task with Generate Land – accounted for £227.7m of radical turnover. The improvement limb saw its nett earlier taxation autumn slightly, from £15.1m to £14.7m, implicit the year.

Group operation gross stood astatine £147.4m, up from £123.9m successful the erstwhile year.

The group’s subsidiary Caddick Construction besides filed yearly accounts for the aforesaid period, which showed that turnover grew by 46.4 per cent to £99m, up from £67m successful 2020. Profit earlier taxation stood astatine £2.6m, up from £84,000.

Caddick Group did, however, endure a continued nonaccomplishment successful its nonrecreational sporting activities division, which made a £2.2m nonaccomplishment from £8.5m of revenue. The part posted a nonaccomplishment of £1.6m successful 2020. The steadfast blamed the lack of fans owed to COVID-19 restrictions for the downturn.

Commenting connected Moda Living’s activities, the contractor stated that its 466-home Angel Gardens strategy successful Manchester (pictured) is present afloat let. Meanwhile, a 325-home strategy successful Liverpool completed successful autumn 2021 and the radical has six different projects presently nether construction. Of those six schemes, Moda Living has a full of 2,728 homes being being built, 2 of which are acceptable to implicit successful 2022. The six see 2 schemes totalling 879 homes successful Birmingham, and developments successful Leeds (515 homes), Edinburgh (337), Glasgow (433) and Hove (564).

Caddick Group’s results besides enactment that the property-development limb is looking to capitalise connected the roar successful logistics requirements successful the UK implicit the past 12 months.

The radical reported that it had disposed of 2 developments successful Knowsley and York to money the acquisition and readying of aboriginal concern developments.

It stated: “A ‘mid-box’ strategy of six warehouse units totalling 300,000 quadrate feet connected the group's 25-acre Leeds Valley Park tract received readying consent. The physique is expected to instrumentality 12 months with a commencement connected tract expected successful mid 2022.” The study noted that Caddick Construction is lined up to enactment connected the scheme.

Caddick Construction has besides won a bid of caller jobs crossed the North of England, including a £30m declaration to physique the archetypal caller bureau strategy successful Bradford successful decades, which followed connected from enactment starting connected the tract of a £300m mixed-use strategy successful Leeds.

Caddick Group stated that it employed 445 people, with the headcount falling from the full of 510 reported successful 2020.