Caddick Construction returned to profitability across all regions, helping the operation to swing from a £2.3m loss previously to deliver 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.

During the year, construction benefitted from raising its geographical reach with new offices in Birmingham and Durham.

Paul Dodsworth, Caddick Construction Group MD, said: “We are making great progress in balancing our portfolio of public and private sector projects through a range of framework appointments.

“We are forecasting a turnover for 23/24 of £400m with a forward order book of £704m, which is a testament to our financial strength and our strategy to do business with like-minded customers, delivering exceptional projects and always treating our supply chain fairly.”

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 coming forward, 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 Group presently counts more than £9.8bn worth of assets in its development pipeline, including more than 18m sq ft in logistics and distribution space and more than 34,000 homes.

Johnny Caddick, Caddick Group director, said: “It’s been another strong year for Caddick Group, and we’re particularly proud to have hit a milestone turnover of over half a billion pounds, as well as securing a robust development pipeline to secure the future success of the business.

“Moda has also delivered strong turnover and profit, underpinned by the strength of its performance across its operational portfolio and a number of key deals secured in a challenging market.

“This year saw Moda make significant reinvestment in the business with the launch of new residential platforms, exciting strategic partnerships and securing a pipeline of  high-quality and accessible living products across the UK.”