Housing maintenance specialist Cardo Group has reported stable revenue and profits in its latest results amid a company expansion.
Company turnover for the year ended 28 February 2023 was £35.6 million, compared to £31.7 million in the previous financial year.
Gross profit was reported at £7.9 million (FY2022: £6.6 million).
The Group saw an operating profit of £1.5 million, compared to £2 million in 2022.
Pre-tax profit was recorded at £1.5 million (FY2022: £2 million), and profit for the year was £1 million (FY2022: £1.6 million).
The Group’s cash position was £3.1 million, compared to £3 million in the previous year.
Net assets and shareholder funds were valued at £7.2 million (FY2022: £6.1 million).
No dividends were paid during the year (FY2022: £Nil).
Click here to read more about Cardo Group’s activities
Cardo Group was formed when social housing contractor LCB Group was sold by its founder, Liam Bevan, now CEO of Cardo Group, to private equity firm Buckthorn Partners.
It was started to support social housing providers with compliance, retrofit, maintenance and decarbonisation services.
“The director has considered that the Group has operated efficiently during the period and has continued to develop its operations to allow for further expansion of the Group’s activities,” a financial statement reads.
“In line with previous trading years, the company has no borrowing in the year, apart from HP agreements on new vehicles to support a larger workforce.
“The company has maintained a strong balance sheet and cash position throughout.
“Bad debt continues to be very low, and the risk is massively reduced compared to traditional construction businesses.”
Was this interesting? Try Former Tideway project director to lead HS2 JV
If you have a tip or story idea that fits with our publication, please contact the head of news rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.