Cardo Group has reported strong financial and operating performance for the financial year ended 28th February 2025, with turnover increasing 74% to £145.2m (FY24: £83.6m). Adjusted EBITDA rose to £10m, an increase from £4.5m in the prior financial year. The strong financial performance came despite absorbing one-off costs associated with acquisitions, integration and investing in its systems.
Cardo continued to execute its strategy of acquiring trusted companies with strong reputations, enhancing Cardo’s ability to combine local delivery with national scale. During the financial year, acquisitions of A & N Lewis and Tim O’Brien in Wales, and Heatcare Oil & Gas and Rogers & Johnston in Scotland were completed. On a full-year equivalent basis reflecting these acquisitions, Group turnover would have been £162m with adjusted EBITDA of £13.8m.
The results also reflect robust operational delivery and continued new contract wins across all divisions.
Founded in 2012 by CEO Liam Bevan, Cardo originated as LCB Group in South Wales and has since grown into a leading provider of housing and public-sector building services across the UK and Ireland.
Liam Bevan, CEO of Cardo Group, said: “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.”
Header image: Cardo Group’s CEO, Liam Bevan
