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Cardo Group has created a building maintenance business with full-year revenues of £314 million after a programme of seven acquisitions combined with organic expansion. The Cardiff-based group reported statutory turnover of £239 million for the year to February 2026, a 65% increase, and adjusted EBITDA of almost £32 million, as first reported by Building, Design& Construction Magazine. Operating profit rose to £14 million from £6 million and average employee numbers grew from about 780 to 1,276 as the group broadened roofing, electrical, heating, energy-efficiency and passive fire protection capabilities across social housing contracts.
Key takeaways
- Cardo Group has full-year revenues of £314 million after acquisitions and organic growth.
- Statutory turnover for the year to February 2026 was £239 million, a 65% increase.
- Operating profit rose from £6 million to £14 million and adjusted EBITDA was almost £32 million.
- Average employees increased from approximately 780 to 1,276 while cash rose from £9.9 million to £15.1 million and long-term creditors climbed from £30.5 million to £81.6 million.
Table of contents
How acquisitions scaled Cardo into a £314 million business
Cardo’s expansion was driven by a rapid acquisition programme that brought a range of specialist trades and regional teams into the group. During the period the business completed seven named deals that added roofing, energy, passive fire protection and wider building-services capability to its core repairs and maintenance offer.
The enlarged group's position is better shown by full-year trading that incorporates 12 months of revenue from the acquired businesses, which produced the full-year revenues of £314 million and pushed adjusted EBITDA to almost £32 million. That accounting view gives a clearer picture of the combined operating scale than statutory turnover alone.
Financial impact: profits, cash and balance-sheet changes
Cardo reported statutory turnover of £239 million for the year to February 2026, a rise of 65% driven by the combination of acquisitions and organic growth. Operating profit more than doubled from £6 million to £14 million, while operating margin increased to 5.8% from 4.3%.
The balance sheet shows the cost of that growth: cash increased from £9.9 million to £15.1 million even as long-term creditors rose from £30.5 million to £81.6 million to finance acquisitions. Those same movements supported the enlarged group’s adjusted EBITDA of almost £32 million, a figure that reflects twelve months’ trading from the acquired units.
Operations, workforce and regional consolidation plans
Headcount rose substantially as Cardo integrated purchased businesses and scaled field operations: average employees increased from approximately 780 to 1,276, with much of that expansion in operational roles. Acquisitions named in reporting include Breyer’s roofing division, SERS operations, CTS Projects, Faskin Group, Gunfire and Trident Maintenance Services, and more recent additions such as EFS Systems (UK) and Correct Contract Services.
The group is targeting deeper regional coverage in social housing and further consolidation in Scotland, where Heatcare Oil and Gas and Rodgers & Johnston are set to be integrated into Cardo Scotland. The strategy combines complementary trades—roofing, electrical, heating, energy efficiency and passive fire protection—to win long-term repairs and maintenance contracts.
| Acquired business | Specialism | Timing (material) |
|---|---|---|
| Breyer’s roofing division | Roofing | During the period |
| SERS operations | Energy specialist (Scotland and Wales) | During the period |
| Faskin Group | Scottish roofing contractor | During the period |
| EFS Systems (UK) | Electrical maintenance | Joined in May |
| Correct Contract Services | Plumbing and heating | Added in August |
Prospects for further growth and integration
The case for
- The combined offering strengthens bids for long-term social housing R&M contracts by packaging roofing, electrical, heating, energy-efficiency and passive fire protection into a single supplier capability.
- A growing forward order book and pipeline of opportunities gives Cardo optionality to deploy acquired regional teams into higher-margin, integrated contracts.
The case against
- Higher long-term creditors—rising from £30.5 million to £81.6 million—increase leverage and will pressure cash generation if integration does not deliver expected synergies.
- Rapid headcount expansion, from about 780 to 1,276 employees, raises execution risk on mobilisation, training and consistent service delivery across regions.
What to be careful about
- Integration risk from multiple acquisitions, including Heatcare Oil and Gas and Rodgers & Johnston in Scotland, could affect contract delivery.
- Increased leverage as long-term creditors rose to £81.6 million may constrain future investment if operating cash conversion weakens.
- Concentration on social housing repairs and maintenance exposes Cardo to policy or funding shifts in that sector.
The bottom line
Cardo Group’s combination of seven acquisitions and organic growth has produced a substantially larger maintenance business: full-year revenues of £314 million and adjusted EBITDA near £32 million. The group has widened its service mix and regional footprint while taking on additional leverage to fund buys. The immediate challenge is to integrate diverse specialist operations—roofing, electrical, heating and passive fire protection—so the enlarged workforce and balance sheet generate consistent contract delivery and cash returns as planned.
What to watch
- Watch integration of Heatcare Oil and Gas and Rodgers & Johnston into Cardo Scotland; no date has been set.
- Watch for announcements of further acquisitions to expand regional delivery and specialist services; no date has been set.
- Watch for new long-term repairs and maintenance contract awards that deploy combined roofing, electrical and passive fire protection capabilities; no date has been set.
Frequently asked questions
What is Cardo Group’s reported full-year revenue?
Cardo Group’s full-year revenues incorporating twelve months from acquired businesses are reported as £314 million, with adjusted EBITDA at almost £32 million.
How much did Cardo’s statutory turnover and operating profit change?
Statutory turnover for the year to February 2026 was £239 million, a 65% increase, while operating profit rose from £6 million to £14 million.
How has Cardo’s balance sheet and workforce changed during the expansion?
Average employees increased from approximately 780 to 1,276; cash rose from £9.9 million to £15.1 million and long-term creditors climbed from £30.5 million to £81.6 million as acquisition financing was deployed.
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