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Mon October 19 2020

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Mactaggart & Mickel reports rise in turnover and steady profit

5 Nov 19 Scottish housebuilder Mactaggart & Mickel has reported a rise in turnover and double-digit gross profit for a fourth consecutive year.

Housing projects include conversion of the B-listed Carrongrove House near Denny in Falkirk
Housing projects include conversion of the B-listed Carrongrove House near Denny in Falkirk

The financial results for the year to 30th April 2019 show that turnover in the fourth-generation family-owned business grew to £84.7m from £82.3m in 2018, with gross profits remaining the steady at £12.9m. Profit before tax was £12.1m.

The company has recently expanded into the English housebuilding market, with several developments under way throughout Oxfordshire.  Their first development, St Jude’s Meadow at Milton-under-Wychwood, has launched to the market and will shortly be followed by Childrey Park in East Challow. Two additional Oxfordshire sites will be launched next year. 

Turnover in the Homes division rose to £66.5m (2018: £63.2m) The division sold 225 homes this financial year - up from 196 the previous year - with new housing developments being launched at Stewart Gardens in Newton Mearns and through the conversion of B-listed Carrongrove House near Denny in Falkirk, as well as in Oxfordshire.

The group’s diversification strategy, designed to smooth out the peaks and troughs of the construction sector, saw the company invest in new business areas together with new geographical markets. This includes expanding its private rental sector (PRS) portfolio in London and making several investments during the year, bringing the company’s investment in England to over £70m.

Mactaggart & Mickel has also invested in a commercial property portfolio outside the European Union for the first time, selecting commercial properties in two areas of New York City. It has also invested in around 50 early stage companies, helping them to realise their business ambitions.

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Mactaggart & Mickel chief executive Ed Monaghan
Mactaggart & Mickel chief executive Ed Monaghan

Chief executive Ed Monaghan said: “We have posted another strong set of financial results, which is particularly pleasing given the uncertain political and economic landscape facing the economy.

“This year we simplified our organisational structure to create two new management boards – Homes and Investments. This new structure will facilitate greater collaboration and shared expertise to drive forward our continued diversification.

“There have been a number of key highlights this year. These include launching our first English development and appointing Joanne Casey as managing director for our Homes division in England, selling 225 homes, 61 of which were affordable, and a 3,000 sq ft retail store, refurbishing the historic B-listed Carrongrove House and selling 1,074 land plots with planning permission.”

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