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Caddick profits flourish

Profits have bounced back at Caddick Construction, the Yorkshire contractor run by Paul Caddick owner of Leeds rugby league club and Headingley cricket ground.

The firm saw pre-tax profits balloon nearly 600 per cent to £1.9 million in the year to August 2007 on turnover broadly flat at £49.3 million.

In a statement accompanying the results filed at Companies House, the firm said of the rise: “This is a reflection of the more prudent approach dictated by the accounting practices and standards adopted when preparing these accounts.

“In particular this means that no profit is taken on jobs started close to the year-end (on the basis that profitability is uncertain) and losses arising on jobs during or subsequent to the year-end are provided for in full as soon as they are anticipated.”

The number of employees dropped by nearly a quarter to 106 while the salary of the highest-paid director, who is not named, rose 28 per cent to £157,000.