The Cardiff-based social housing repairs and maintenance specialist reported statutory turnover up 65% to £239m in the year to February 2026, driven by organic growth and seven acquisitions.
Reported operating profit more than doubled from £6m to £14m, lifting the operating margin from 4.3% to 5.8%.
But the present scale of the business is revealed in full-year trading figures for the enlarged group, including 12 months of revenue from the acquired businesses, which put turnover at £314m and adjusted EBITDA at nearly £32m.
Cardo’s buying spree has seen it acquire Breyer’s roofing division, Scottish and Welsh energy specialist SERS operations, CTS Projects, Scottish roofer Faskin Group, passive fire protection specialist Gunfire and Trident Maintenance Services.
The rapid expansion has also driven a major recruitment push, with average staff numbers swelling from around 780 to 1,276, largely through growth in operational staff.
The group has maintained its deal-making momentum since the year-end, completing three further acquisitions.
In May, it bought Welsh electrical maintenance specialist EFS Systems (UK), followed in July by R Lewis & Co (UK) Holdings and its subsidiary R Lewis & Co (UK), a passive fire safety specialist.
It added Andover-based plumbing and heating specialist Correct Contract Services in August.
Cash balances rose from £9.9m to £15.1m, although long-term creditors jumped from £30.5m to £81.6m as the group drew on acquisition financing.
Cardo is now targeting further organic growth through long-term maintenance contracts alongside continued acquisitions to strengthen its regional coverage.
It also plans to streamline its Scottish operations by integrating Heatcare Oil and Gas and Rodgers & Johnston into Cardo Scotland.
Directors said a strong forward order book and growing pipeline of opportunities gave them confidence in continued expansion over the medium term.
