The fourth-generation family business, founded in 1925, saw pre-tax profit rise 22% in the year to 30th April 2017, reaching 拢12.7m (2016: 拢10.4m). Turnover was up by 14% to 拢74.3m (2016: 拢65.1m).
It was Mactaggart & Mickel鈥檚 fifth consecutive year of profit growth.
The Homes division increased turnover by 13% to 拢62m (2016: 拢55m) and gross profits rose to 拢15.1m (2016: 拢13.7m). The division sold 167 homes during the financial year (2016: 169 homes) and saw its average house sale value climb to 拢351,000 (2016: 拢290,000). Two new developments were launched in Scotland this year: Red Lion in Newton Mearns and Millerhill at Shawfair in Midlothian.
Turnover at the Timber Systems division remained steady at 拢6.3m (2016: 拢6.3m) with gross profits also unchanged.
The company鈥檚 private rented sector (PRS) division plans to grow its 拢60m portfolio in Scotland and England with continued investment in the London lettings market. Investment in this portfolio almost doubled during the year to 拢10.3m.
The company鈥檚 English Strategic Land business saw its turnover increase from 拢800,000 the previous year to 拢4.7m from land sales.
Mactaggart & Mickel Group鈥檚 goal is to expand into the English house-building market. Earlier this year it bought two sites for development in Oxfordshire, both of which are expected to begin in 2018.
Chief executive Ed Monaghan said: 鈥淭hese results show that we have delivered an excellent financial performance, continued to grow the business and increased profits and turnover.聽 This has been achieved against a backdrop of investment in the development of our employees and continually improving and evolving the business.
鈥淩ealising 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.鈥�
He added: 鈥淭he group is in strong financial health and outlook remains positive for 2018 as we broaden our geographical reach and invest in new markets.鈥�
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