Profit rise as Mactaggart & Mickel heads south

Mactaggart & Mickel Group has reported a rise in profits for the fifth consecutive year with profit before tax up 22% to £12.7 million (2016: £10.4 million) and turnover increasing by 14% to £74.3 million (2016: £65.1million).

Revealing financial results for the year to April 30 2017, Mactaggart & Mickel’s says it Homes division saw turnover increase by 12.7% to £62 million (2016: £55 million) and gross profits rise to £15.1 million (2016: £13.7 million). 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 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.

The firm continues to invest in its English Strategic Land business. Promoting these developments and securing residential consents has, said the firm, proven beneficial in terms of this year’s land sales where turnover has increased to £4.7 million (2016: £0.8 million).

Mactaggart & Mickel Group’s long-term goal is to expand into the English housebuilding market and this year the firm purchased two sites for development in Oxfordshire, both …