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Late-starting jobs boost Caddick

FINANCE

TRADING has improved at Caddick Construction after a number of major projects that had been delayed finally started and the workforce was trimmed.

Turnover surged £6.7 million to £43 million in the year to August 2003 and sent pre-tax profits spiralling up to £421,000 from a paltry £13,000 in the previous year.

Finance director Peter Hirst said: 'The company has had a successful year in terms of turnover, with a significant increase in work won by competitive open tenders.

'The start of three large contracts delayed in the last financial year is reflected in the profits.The current order book has secured work of around £45 million for this financial year with a relative increase in profitability.'

Caddick's workforce was cut by 12 per cent to 133 and the wage bill reduced by £180,000 to £3.5 million, which helped lift operating profits by £394,000 to £446,000 and lifted the operating margin to 1 per cent.

The business is part of Caddick Group Plc, which also owns a development outfit and is controlled by Paul Caddick.

The construction business improved its profitability despite work for Caddick Development halving to £1.7 million.