Cardo Group Reports 74% Rise in Turnover as Expansion Strategy Pays Off
Cardo Group Reports 74% Rise in Turnover as Expansion Strategy Pays Off
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Cardo Group has posted a sharp rise in revenue and profits for the year ending 28 February 2025, as the fast-growing housing and public-sector services provider continues to scale across the UK and Ireland.
The company reported turnover of £145.2 million, up 74% from £83.6 million the previous year. Adjusted EBITDA more than doubled to £10 million, compared with £4.5 million in FY24.
Cardo said the strong performance was delivered despite absorbing one-off costs linked to acquisitions, integration work and new investments in internal systems.
The group’s results reflect the acceleration of its long-term acquisition strategy, which focuses on bringing established regional firms into the Cardo portfolio.
Over the financial year, the business completed the purchases of A & N Lewis and Tim O’Brien in Wales, as well as Heatcare Oil & Gas and Rogers & Johnston in Scotland.
On a full-year equivalent basis including these additions, Cardo said turnover would have reached £162 million, with adjusted EBITDA of £13.8 million.
Cardo, which originated as LCB Group in South Wales in 2012, has rapidly expanded to become one of the UK and Ireland’s leading providers of housing maintenance, building services and public-sector works. The latest financial results also reflect continued operational growth and new contract wins across all divisions.
CEO Liam Bevan said the company’s performance was underpinned by the strength of its workforce and the trust of its clients.
“This has been another year of strong performance, supported by the commitment of our teams and the trust our clients and residents place in us to deliver reliable, high-quality services across every community we serve.
“We continue to expand our footprint and capabilities across the UK and Ireland, reinforcing our position as a trusted partner.
“We have invested significantly in systems and integration to support scalable, sustainable growth. Despite these investments, our financial performance remains strong and aligned with our long-term strategy.”
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