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News » UK » MacMic expansion plans on course » published 31 Oct 2017

MacMic expansion plans on course

Scottish house-builder Mactaggart & Mickel is targeting expansion south of the border after reporting growing profits and turnover for its latest financial year.

Chief executive Ed Monaghan Above: Chief executive Ed Monaghan

The fourth-generation family business, founded in 1925, saw pre-tax profit rise 22% in the year to 30th April 2017, reaching £12.7m (2016: £10.4m). Turnover was up by 14% to £74.3m (2016: £65.1m).

It was Mactaggart & Mickel’s fifth consecutive year of profit growth.

The Homes division increased turnover by 13% to £62m (2016: £55m) and gross profits rose to £15.1m (2016: £13.7m). The division sold 167 homes during the financial year (2016: 169 homes) and saw its average house sale value climb to £351,000 (2016: £290,000). Two new developments were launched in Scotland this year: Red Lion in Newton Mearns and Millerhill at Shawfair in Midlothian.

Turnover at the Timber Systems division remained steady at £6.3m (2016: £6.3m) with gross profits also unchanged.

The company’s private rented sector (PRS) division plans to grow its £60m portfolio in Scotland and England with continued investment in the London lettings market. Investment in this portfolio almost doubled during the year to £10.3m.

The company’s English Strategic Land business saw its turnover increase from £800,000 the previous year to £4.7m from land sales.

Mactaggart & Mickel Group’s goal is to expand into the English house-building market. Earlier this year it bought two sites for development in Oxfordshire, both of which are expected to begin in 2018.

Chief executive Ed Monaghan said: “These results show that we have delivered an excellent financial performance, continued to grow the business and increased profits and turnover.  This has been achieved against a backdrop of investment in the development of our employees and continually improving and evolving the business.

“Realising our strategy to expand into the English house-building market has been a significant milestone for the group this year, and this focus will continue in the years ahead.”

He added: “The group is in strong financial health and outlook remains positive for 2018 as we broaden our geographical reach and invest in new markets.”

 

 

 

MPU

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This article was published on 31 Oct 2017 (last updated on 31 Oct 2017).

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