Builder Mactaggart and Mickel reports surge in turnover
Mactaggart & Mickel, the Glasgow-based builder, has reported a 48% increase in turnover last financial year.
Group sales reached £56m in the year to April, with pre-tax profits up from £1.35m to £2.4m.
With projects in Edinburgh, Glasgow, Ayrshire and west of Scotland, its results reflect new developments and the launch of a part-exchange scheme.
The firm is one of the biggest contractors for the Commonwealth Games village.
It has a £26.5m contract to build 225 of the 700 homes for athletes and for the games' legacy.
Last financial year, the company won sub-contracting work for Miller Homes and Ogilvie Construction.
It was also active in working for housing associations and local councils, and expanded its office and home renting business.Land bank
Mactaggart & Mickel added to its English land bank, to almost 1200 acres across 18 planning projects in the south-west and north-west. It has secured consent for 400 house site in Cheshire, which it intends to sell early next year.
Chief executive Ed Monaghan, commented on the annual results: "The market is slowly finding its feet again and we have achieved strong forward sales across our developments for the next financial year.
"The newly-launched Help to Buy scheme is a welcome incentive to further stimulate the market. Any initiative which encourages consumers to buy more and the industry to build more is a positive but there is no quick fix solution.
"A medium-term view, steady growth and the continuation of our diversification strategy are what will stand the business in good stead for future prosperity."