Scotland business

Housebuilder Mactaggart & Mickel's profits up for fourth year in row

New houses being built Image copyright Getty Images

The housebuilding firm Mactaggart & Mickel Group has recorded a rise in profits for the fourth consecutive year.

Results for the year ended 30 April 2016 showed group profit before tax was up 7.1% from £9.8m to £10.4m.

Turnover was down 4.2% from £68m to £65.1m.

The Glasgow-based company said decreased borrowings, the extraction of greater value from sites and increased efficiencies boosted profit margins.

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."

He added: "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."

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