Turnover and profits were both up at Glasgow-based housebuilder Mactaggart & Mickel Group with profit before tax up 22 per cent to £12.7 million (2016: £10.4 million) and turnover increasing by 14 per cent to £74.3m (2016: £65.1m). for the year to 30 April 2017.
Mactaggart & Mickel’s flagship Homes division posted a robust performance. Turnover increased by 12.7 per cent to £62m (2016: £55m) and gross profits rose to £15.1m (2016: £13.7m). The division sold 167 homes this financial year (2016: 169 homes) and saw its average house sale value climb to £351,000 (2016: £290,000) due to the development sales mix and careful targeting of high-quality locations. Two new developments were launched in Scotland this year: Red Lion in Newton Mearns and Millerhill at Shawfair in Midlothian.
One of the main drivers behind the Group’s impressive results is continued investment in their English Strategic Land business. Promoting these developments and successfully securing residential consents has proven beneficial in terms of this year’s land sales where turnover has increased to £4.7m (2016: £0.8m).
Mactaggart & Mickel Group’s long-term goal to expand into the English house building market reached a major milestone this year with the purchase of two sites for development in Oxfordshire, both expected to begin in 2018. This cements the Group’s ambition to expand and grow the company before a UK audience.
Commenting on the results, Chief Executive Ed Monaghan said:
“These results show that we have delivered an excellent financial performance, continued to grow the business and increased profits and turnover. This has been achieved against a backdrop of investment in the development of our employees and continually improving and evolving the business.
“Realising our strategy to expand into the English house building market has been a significant milestone for the Group this year, and this focus will continue in the years ahead.
“Earlier this year we won the highly acclaimed Queen’s Award for Enterprise for the Glasgow Commonwealth Games Athletes’ Village, as part of the City Legacy consortium – an enormous achievement for the whole team. I’m equally proud that we continue to be recognised for the top quality build projects that we deliver. Ultimately, client satisfaction drives our success and we have achieved a 5-star rating for customer satisfaction from the Home Builders Federation for the fifth year in a row, together with our full sales team securing accreditations from the Institute of Customer Service.
“The Group is in strong financial health and outlook remains positive for 2018 as we broaden our geographical reach and invest in new markets.”