Mactaggart & Mickel Group posts increased profits amid expansion plans
Scottish family housebuilder Mactaggart & Mickel Group has published a rise in profits for the fourth consecutive year with its results for the year ended 30 April 2016. Group profit before tax is up 7.1 per cent to £10.4 million (2015: £9.8 million) with turnover showing a slight decrease of 4.2 per cent to £65.1 million (2015: £68 million).
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.
Operational highlights include:
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.
“We have chosen two sites in the south of England for development by our Homes division, with more to follow. This marks a major milestone for the business, and helps fulfil our long term ambition to expand, taking advantage of wider opportunities for growth.
“We will continue to nurture our Scottish interests and remain firmly committed to growing our presence across Scotland; an intention crystallised by the signing of a new 10 year lease on our Glasgow-based headquarters.
“Diversification remains a priority as we embrace new technology, products and markets. With a strong land bank and clear strategic focus, we are well placed to deliver future business growth.”
The Group’s Homes business 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.
Awarded Investors in People accreditation in 2008, the Group progressed to Gold in the financial year, an achievement accomplished by only 13.3 per cent of UK companies, and has also achieved Investors in Young People status. 11 new apprentices were recruited and the company also sponsored triple Paralympic medallist swimmer Andrew Mullen and Scottish Open Water Swimming champion Mark Deans.