Castleoak reports strong financial results

Specialist solutions company Castleoak has reported strong financial results for the financial year ending March 31 2018.

Turnover for the business rose by 12% to £78.9m with group profits growing by £980,000 to profit before tax of £1.1m.

The group’s operating performance, combined with strong cash management, saw cash balances retained at £7m.

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Chief executive Craig Currie said: “Our focus on delivering valuable, high quality specialist development solutions, and the drive and dedication of our team is enabling this growth. Our initiatives to embed our purpose and values across our team are working. Behaviours matter, the team’s in great shape.”

Retaining long customer partnerships has been key to Castleoak’s success with 96% of projects from returning customers.

New business in 2017/18 included Whiteley Village Trust, Abbeyfield Southern Oaks and the first Birchgrove development, a joint venture with Bridges Fund Management.

The business has seen a growth in demand for specialist care and retirement living developments, which now account for 30% of revenue.

The new financial year will see Castleoak hand over its most ambitious project to date, a £21m development in Sidcup, combining the first Birchgrove assisted living scheme of 74 high quality apartments with care services for rent, plus an 80-bed care home for long-term customer Care UK.

“The Sidcup project was created by Castleoak’s development team who identified the need for specialist housing and care, acquired the site and secured planning, funding and leasehold agreements prior to our construction team starting on site optimising timber frame structures manufactured at our factory,” said Craig. “It’s a great example of what we call our ‘smart solution.’”