Scotland business

Builder Mactaggart and Mickel reports surge in turnover

Image caption The company has projects in Edinburgh, Glasgow and Ayrshire

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."

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