The house builder, Mactaggart & Mickel, has reported turnover up by 48% in the last financial year. The group’s sales reached £56m in the year to April, with pre-tax profits up from £1.35m to £2.4m. The company says that its results reflect new developments and the launch of a part-exchange scheme.
The firm’s Chief executive, Ed Monaghan, explained that the market was “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.”
The firm has a £26.5m contract from the Commonwealth Games. As one of the biggest contractors for the Games village, it’s responsible for building 225 of the 700 homes for athletes which will then be handed over to Glasgow as part of the games’ legacy.
Mactaggart and Mickel Timber Systems
The company diversified during the downturn. It’s been working for housing associations and local councils as well as expanding its office and home renting business. It’s also pioneered new construction methods, such as pre-fabricating large sections of new homes in its Timber Systems factory in Coatbridge. In the last financial year, the company won sub-contracting work for Miller Homes and Ogilvie Construction. At present, it has projects in Edinburgh, Glasgow, Ayrshire and west of Scotland.
The company’s business in England is also growing. It’s recently added to its English land bank, with almost 1200 acres across 18 planning projects in the south-west and north-west of the country. For example, it has consent for 400 house site in Cheshire, which it intends to sell early next year.