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Newsroom

13.09.2018
Castleoak reports strong financial results
Castleoak management team

Castleoak has reported a strong financial performance for the year ending 31st March 2018, with turnover increasing 12% to £78.9 million and the Group profit growing by £980,000 to a profit before tax of £1.1 million.  The Group’s operating performance, coupled with strong cash management, saw cash balances of £7 million retained. 

“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” said Craig Currie, Chief Executive.

Castleoak is retaining customer partnerships long term with 96% of projects from returning customers.  Significant new customer wins in the year included Whiteley Village Trust, Abbeyfield Southern Oaks and the first Birchgrove development, a joint venture with Bridges Fund Management.

The business is creating more specialist care and retirement living developments than ever; which now account for 30% of revenues.  In the new financial year Castleoak will hand over its most ambitious development to date.  The £21 million development in Sidcup combines assisted living and an adjacent care home. This will create 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.  It’s a great example of what we call our ‘smart solution” said Craig.

Castleoak’s innovation programme is gathering pace as the business embraces modern methods of construction making great strides towards offering modular solutions.  Significant investment in technology and Agile project management training now equips the team to work smarter.  

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