Mactaggart & Mickel sees profits rise

Mactaggart & Mickel sees profits rise

Award winning Scottish family housebuilder Mactaggart & Mickel Group has published a rise in profits for the fourth consecutive year.

For the year ended 30 April Mactaggart & Mickel saw profit before tax rise 7.1% to £10.4m (2015: £9.8m) with turnover showing a slight decrease of 4.2% to £65.1m (2015: £68m).

The group’s flagship homes division posted a strong performance against a background of market uncertainty and changes to the land and buildings transaction tax.

Decreased borrowings, the extraction of greater value from sites and increased efficiencies further boosted profit margins.

Chief executive Ed Monaghan said: "This financial year marked the last in our five-year plan which advocated a consistent, medium term approach and sustained focus on improving efficiencies across the group. It has delivered steady growth, consolidated by this year’s significant upturn in profit.

"We now move into a new phase for the business as we develop our operations not only in Scotland, but in England."

The group’s homes business also secured a 5 Star Rating for the fourth consecutive year in the Home Builders Federation customer satisfaction scheme, one of only 14 housebuilders in the UK.