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Sat October 31 2020

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Return to profit for Scottish house builder

27 Oct 10 Glasgow-based house builder Mactaggart & Mickel has returned to profit after making a loss last year. It made a pre-tax profit of £3.9 million in the year to 30 April 2010, compared with a loss of £3.9 million the year before. Turnover was down slightly to £40.3 million.

The group built 109 homes during the year with an average selling price of £284,000 – an increase of 1%. Homes accounted for 48% of gross profit with lettings amounting to 21%.

New developments were started in Edinburgh, Newton Mearns and Ayrshire.

Chief executive Ed Monaghan said: "Despite turnover being down, Mactaggart & Mickel Group is financially sound and we're seeing the positive impact of a period of cost reduction and dedicated programme of diversification."

The group revealed it had cut bank borrowings from £39m to 24m.

According to reports, the company cut nearly 100 jobs last year and most of the rest of its workforce were put on a four-day week. The group returned to a five-day working week in January 2010 and now employs 177 people.

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