Cardo Group boosts revenue by 74 per cent following acquisitions

Cardo Group has posted a 74 per cent rise in revenue, reaching £145.2 million for the year ended 28 February 2025, with adjusted EBITDA up to £10 million, despite integration and investment costs.

Founded in 2012 from the sale of LCB Group to private equity firm Buckthorn Partners, Cardo provides compliance, retrofit, maintenance, and decarbonisation services for social housing. Its rapid expansion includes multiple acquisitions that have broadened its building services portfolio.

In September 2025, Cardo acquired CTS Projects, covering more than 65,000 public sector properties in Northern Ireland and the Republic of Ireland. Earlier in the year, the group integrated energy contractor SERS Energy Solutions across England, Wales, and Scotland, and previously absorbed Breyer Group’s roofing arm and HeatCare Oil and Gas Limited in Scotland. Other acquisitions include A&N Lewis Limited and divisions from Osborne Group and Jefferies Contractors Limited.

The company’s full-year equivalent turnover, reflecting these acquisitions, would have been £162 million with adjusted EBITDA of £13.8 million. Alongside acquisitions, Cardo has secured new contracts across its divisions and was recognised in the UK Fast Growth Index.

Cardo operates across the UK and Ireland, offering services such as retrofit and energy efficiency upgrades, responsive repairs, compliance and statutory servicing, refurbishment and project works, mechanical and electrical services, commercial building management, and planned maintenance under the Decent Homes Standard.

CEO Liam Bevan highlighted the sustained strong performance, crediting team commitment and client trust. Investments in systems and integration underpin scalable, sustainable growth, and the group maintains robust financial results aligned with long-term strategy while expanding its footprint across multiple regions.

Read the full report on Cardo Group’s financial performance and strategic expansion.