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Caddick upbeat despite fall

FINANCE

CADDICK Construction is aiming for a revival in profitability this year after a dip in earnings last year at the Yorkshire-based outfit.

In 2005, pre-tax profits at Caddick slipped to £441,000 from £574,000 as turnover fell £1.7 million to £49.4 million.

Caddick said: 'The company has had another successful year in terms of both turnover and profitability. The current order book has secured work of around £47 million for this financial year with a modest improvement in profitability expected.' The slip in profits came as Caddick's turnover from the group's development work doubled to £9 m illion last year.

In 2005, the firm won a £6.9 million deal to build a stand at Headingley Stadium for Leeds Rhinos Rugby League Club, which is owned by Caddick's boss Paul Caddick.

The eight directors of Caddick Construction took the fall in profits on the chin, with the board's total salary down £4,000 to £525,000.

The highest paid director, who is not named, took a pay rise of just £1,000 to £117,000 but overall wages for the group's 140 emp loyee s rose £414 ,000 to £4.4 million.