English expansion boosts Mactaggart & Mickel

Mactaggart & Mickel, announcing its financial results for the year to April 30 2018, has reported a rise in profits for the sixth consecutive year with profit before tax up 11% to £14.2 million (2017: £12.7 million) and turnover increasing by 11% to £82.3 million (2017: £74.3m).

The Mactaggart & Mickel Homes Scotland division saw turnover rise to £63.2 million (2017: £62 million) and gross profits of £12.9 million (2017: £15.1 million). The division sold 196 homes this financial year (2017: 167 homes) and margins increased to 25.1% from 24.7%. Three new developments were launched in Scotland: Buchanan Views in Killearn, Lethington Gardens in Haddington and Carrongrove in Denny.

The firm’s English Strategic Land division had its highest performing year, contributing £8.1 million to revenue (2017: £4.7million) and £6.9 million to gross profit (2017: £3.1 million).

The firm is pursuing a strategy of expanding into the English housebuilding market and has opened new English headquarters in Cheltenham and acquired sites in Oxfordshire.

Commenting on the results, Mactaggart & Mickel ceo Ed Monaghan said:
“It’s been a very successful year and we are in an extremely robust financial position. Group profits before tax are £14.2 million – one of the highest profit levels ever …