Caddick’s construction arm returns to black but profit falls by nearly half at developments business.

The construction arm of West Yorkshire contractor and developer Caddick Group returned to the black last year, the firm’s recently filed accounts have said.
The division, which also includes a civil engineering business that works mainly for housebuilders, saw pre-tax profit come in at £6.6m on turnover, which was up 21% to £218m, Its most extensive business remains its property development arm with income up 15% to £345m. However, pre-tax profit at the division, which works in the residential and industrial sectors, fell to £33m from £64m in the year to August 2023. The construction business returned to profit last year.
Caddick Group also owns a majority stake in the company that owns Leeds Rhinos rugby league club with pre-tax losses at its professional sporting activities arm widening £200,000 to £1.9m. The firm said the increase was due to rising utility costs and reduced income from the television deal to cover the Super League.
Overall, Caddick’s group turnover was up 17% to £575m, but pre-tax profit slipped 39% to £35.5m.
Caddick Construction returned to profitability across all regions, helping the operation swing from a £2.3m loss to a £7.4m profit as revenue jumped 38% to £318m in the year to August 2023.
This helped the developer, rental homes operator, and construction group deliver a £35.5m profit.
Several milestones were achieved across the group businesses – Caddick Developments, Caddick Construction and Moda Living (the Group’s joint venture with Generate Land) – including more than 4,500 homes on-site across the period, as well as circa two million sq ft of industrial and employment space under development. During the year, construction benefitted from raising its geographical reach with new offices in Birmingham and Durham. Caddick also hailed 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 across Moda’s operational build-to-rent neighbourhoods.
Across the rest of the group, private rental arm MODA also had a strong year and launched a new purpose-built student accommodation business last March.
The development business has several projects, including its £1bn South Village scheme, the completion of the SOYO regeneration project, and the beginning of phase two of Farington Park in Leyland to the south of Preston.
Caddick Construction took on more than a dozen staff in the West Midlands after it opened a new office in Birmingham. It plans to launch a West Midlands subsidiary to run its operations there.
The firm also took on 13 staff in the North West, boasting a “much improved” profit margin after a primary logistics job at Farington in Lancashire moved forward.