Mactaggart and Mickel ‘boosted’ by English market entry
Scottish housebuilder Mactaggart & Mickel has posted a rise in profits for the sixth year in a row, after building on its entry into the English market.
Turnover and pre-tax profits both rose by 11%, to £82.3m and £14.2m respectively, in the year to 30 April.
The Glasgow-based group opened its new English headquarters in Cheltenham in April this year.
It is working on two new developments in Oxfordshire, and has bought sites for two other projects in the county.
Mactaggart & Mickel, which was founded in 1925, said last year’s results had been boosted by its English Strategic Land division, which saw big increases in both turnover and gross profit.
Its Homes Scotland division also posted a solid performance, having sold 196 homes during the financial year.
Three new developments were launched north of the border this year at Killearn in Stirlingshire, Haddington in East Lothian, and Denny, near Falkirk.
Chief executive Ed Monaghan said: “It’s been a very successful year and we are in an extremely robust financial position.
“Our expansion into the English housebuilding market is a natural progression for the group and the most visible sign of our successful diversification strategy.”