Fast-growing social housing contractor Cardo increases turnover 64% as firm targets further rapid growth

Acquisitive contractor Cardo Group has reported a two-thirds increase in its turnover as it aims for further rapid growth this year.

The social housing repairs and maintenance company reported turnover of £239m for the year to 28 February, up 66% on the £145m posted the previous year.

The firm acquired seven companies in its reporting year and if these businesses’ income for the whole year had been included in Cardo’s accounts the overall ‘full-year basis equivalent’ turnover would’ve been £314m. Cardo, which has acquired three more firms since February, is targeting growth of this figure to £500m in its current year.

The firm, which is owned by private equity firm Buckthorn Partners and founder Liam Bevan, has posted rapid growth in the last few years, (see graph below) from £35.6m of turnover in 2023 to £239m in 2026. Its headcount more than doubled from 784 to 1,643 year-on-year.

The group’s annual pre-tax profit also nearly doubled from £5m to £9.4m.

Cardo’s recent acquisitions (see box below) include the roofing division of Breyer Group, assets of energy services firm SERS Group, roofing firm Faskin Group and passive fire safety firm Gunfire.

Cardo won several large contracts in the year. It was appointed to L&Q’s £15bn major works investment programme and landed a £395m repairs and maintenance contract with Dacorum Borough Council.

It was also appointed to Notting Hill Genesis’s £1.5bn repairs and maintenance works framework, spanning up to 15 years across Greater London, as well as securing a 12-lot appointment on the Greener Futures Partnership’s Dynamic Purchasing System, supporting energy efficiency upgrades across a 300,000-home portfolio.

Cardo was also appointed as the new repairs and maintenance contractor for Wokingham Borough Council, covering close to 3,000 homes on a five-year contract, worth £9m.

Liam Bevan, chief executive of Cardo Group, said: “We’ve complemented our organic growth with acquisitions of businesses that share our values and strengthen our ability to deliver on the ground. Bringing those teams together, while continuing to invest heavily in the systems and infrastructure needed to support a business of our size, has been no small undertaking, and I’m incredibly proud of how our people have risen to that challenge.”

“The acquisitions we’ve completed since year-end, together with the continued strength of our underlying business, give us significant momentum as we move through FY27. We’re targeting turnover of £500m, but our focus remains on disciplined growth, thoughtful integration, and delivering consistently high-quality services for our clients and the communities we serve.”