Profits soar at Caddick Group as Yorkshire property business expands across UK

Major deals and a raft of successful delivery milestones have contributed to a rise in profits and turnover at Yorkshire property business Caddick Group.
Lizzie Murphy
By Lizzie Murphy
Published 11th May 2023, 16:45 BST

The group, which includes Moda Living, Caddick Developments and Caddick Construction, has seen a 28 per cent rise in turnover and 41.8 per cent rise in pre-tax profits compared to the previous financial year.

Group turnover for the year ending August 2022 stood at £492m, with pre-tax profits up to £58m.

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The group, which has offices in Leeds, Manchester, Birmingham and London, said its performance reflected an increasing geographical reach across the UK and investment in a healthy pipeline of future opportunities.

Paul Dodsworth, managing director of Caddick Construction, left; Johnny Caddick, of Caddick Group; Myles Hartley, managing director of Caddick Developments. Picture: David LindsayPaul Dodsworth, managing director of Caddick Construction, left; Johnny Caddick, of Caddick Group; Myles Hartley, managing director of Caddick Developments. Picture: David Lindsay
Paul Dodsworth, managing director of Caddick Construction, left; Johnny Caddick, of Caddick Group; Myles Hartley, managing director of Caddick Developments. Picture: David Lindsay

The group continued to increase its long-term development pipeline and remained particularly focused on a twin property strategy of living and industrial/logistics, driven forward by Moda Living, which builds and operates rental homes across the build-to-rent, single family rental, student accommodation and co-living markets; Caddick Developments, which builds commercial spaces across the UK; and Caddick Construction, which has more than 40 years’ experience in new build, refurbishment and civil construction projects.

Johnny Caddick, of Caddick Group, said: “Our focus on living and logistics has proven its resilience and strength through recent years, putting Caddick Group in a strong financial position.”

He added: “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.

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"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 (gross development value) approaching £10bn.”

On the industrial and logistics side of the business, significant funding deals have been signed by Caddick Developments for major sites in Yorkshire and the North West, including Farington Park in Leyland, Lancashire, a 544,000sq ft distribution centre, and Leeds Valley Park, representing 300,000sq ft of space across 12 acres.

On the living side of the business, Moda Living built three new build-to-rent neighbourhoods during the year.

This included the 515-home Moda, New York Square development at the Group’s SOYO site in Leeds; Moda, The Lexington in Liverpool, a 325-home landmark development on the waterfront; and Moda, The Mercian in Birmingham which is the Midlands’ tallest residential building comprising 487 homes across 42 storeys. The business also continued to build out its 24,000-home pipeline, with £1.5bn of projects live on site during the period.

The construction business has seen a 30 per cent growth in its core markets, including industrial and residential alongside other projects in the office, healthcare and process related sectors.

Related topics:YorkshireLeedsBirmingham