Property slump sees profit slide at Caddick

Group profit at West Yorkshire contractor and developer Caddick Group slumped to just over £1m after income and profit at its development arm continued to fall.

In accounts filed at Companies House, Caddick said group pre-tax profit slid to £1.4m in the year to August 2025 from £29m last time. Group turnover was down 11% to £539m although year-end cash was up 7% to £64m.

Pre-tax profit at the property division, which works in the residential and industrial sectors, fell to £1.3m from £26m with income down a third to £176m.

In a note accompanying the accounts, signed off at the end of March, founder and chairman Paul Caddick said: “Overall the group experienced a reduction in turnover of approximately 10%, primarily due to fewer development realisations as a result of market conditions.

“Profit before tax for the year was £1.4m. This is in contrast to the exceptional results of recent years, which were buoyed by substantial development disposals, however it reflects the cyclical nature of property development. Importantly, our cash balance and cashflow remains robust.”

The firm’s construction arm remains its biggest business with revenue up 5% to a record £373m – although this was below the £500m it had expected when announcing its 2024 results last year.

But it said its 2026 turnover for construction was forecasted to be £492m with £486m either secured or completed so far. Pre-tax profit at the division fell 41% to £3.8m.

It said the division’s civils arm was doing more internal work as housebuilding jobs slowed down while its CCL Facades business saw it increase turnover 17% on last year’s £9.5m.

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, which includes a netball team, increasing £200,000 to £1.9m. Turnover at this business was up 4% to £13.5m.