diff --git a/.github/workflows/tests.yml b/.github/workflows/tests.yml
index 7d1ee3b85..fce089085 100644
--- a/.github/workflows/tests.yml
+++ b/.github/workflows/tests.yml
@@ -96,6 +96,32 @@ jobs:
       # --- Code update ---
       - name: "Check out code"
         uses: actions/checkout@v2
+        # --- Cache based on Conan version and ExternalProjects cmake source
+      - name: Get Conan version
+        id: get-conan-version
+        run: |
+          docker-compose run --rm faabric conan --version 2>/tmp/conan-ver-log | tee /tmp/conan-ver
+          grep 'Conan version' /tmp/conan-ver || exit 1
+          echo "::set-output name=conan-version::$(grep 'Conan version' /tmp/conan-ver | tr -d '[:alpha:] ')"
+        shell: bash
+        env:
+          FAASM_BUILD_MOUNT: /build/faasm
+          CONAN_CACHE_MOUNT_SOURCE: ~/.conan/
+      - name: Get Conan Version - Show Log
+        if: always()
+        run: cat /tmp/conan-ver-log
+      - name: Hash ExternalProjects
+        id: hash-external
+        run: |
+          echo "::set-output name=hash-external::$(sha256sum cmake/ExternalProjects.cmake | cut '-d ' -f 1)"
+        shell: bash
+      - uses: actions/cache@v2
+        with:
+          path: '~/.conan'
+          key: ${{ runner.os }}-${{ steps.get-conan-version.outputs.conan-version }}-${{ steps.hash-external.outputs.hash-external }}
+          restore-keys: |
+            ${{ runner.os }}-${{ steps.get-conan-version.outputs.conan-version }}-
+            ${{ runner.os }}-
       # --- Build and test ---
       - name: "Build distributed tests"
         run: ./dist-test/build.sh
diff --git a/dist-test/build.sh b/dist-test/build.sh
index bad5ebf85..724e4f5eb 100755
--- a/dist-test/build.sh
+++ b/dist-test/build.sh
@@ -5,6 +5,10 @@ set -e
 export PROJ_ROOT=$(dirname $(dirname $(readlink -f $0)))
 pushd ${PROJ_ROOT} >> /dev/null
 
+export CONAN_CACHE_MOUNT_SOURCE=$HOME/.conan/
+# Ensure the cache directory exists before starting the containers
+mkdir -p ${CONAN_CACHE_MOUNT_SOURCE}
+
 # Run the build
 docker-compose \
     run \
diff --git a/dist-test/run.sh b/dist-test/run.sh
index 1676ff52e..9f3f596c3 100755
--- a/dist-test/run.sh
+++ b/dist-test/run.sh
@@ -3,6 +3,7 @@
 export PROJ_ROOT=$(dirname $(dirname $(readlink -f $0)))
 pushd ${PROJ_ROOT} >> /dev/null
 
+export CONAN_CACHE_MOUNT_SOURCE=$HOME/.conan/
 RETURN_VAL=0
 
 # Run the test server in the background
diff --git a/docker-compose.yml b/docker-compose.yml
index fdd6900c4..c9840afac 100644
--- a/docker-compose.yml
+++ b/docker-compose.yml
@@ -11,7 +11,7 @@ services:
       - /usr/bin/docker:/usr/bin/docker
       - ./:/code/faabric
       - ./build:/build/faabric
-      - ./conan-cache/:/root/.conan
+      - ${CONAN_CACHE_MOUNT_SOURCE:-./conan-cache/}:/root/.conan
     working_dir: /code/faabric
     stdin_open: true
     tty: true