Scotland’s Mactaggart & Mickel Group have announced their financial results for the year to 30 April 2018. The company, founded in 1925, reported a rise in profits for the sixth consecutive year with profit before tax up 11% to £14.2m, compared with £12.7 million for the same period last year, and turnover increasing by 11% to £82.3m. The Mactaggart & Mickel Homes Scotland division posted a turnover of £63.2m (2017: £62m) and gross profits of £12.9m (2017: £15.1m). The division sold 196 homes this financial year (2017: 167 homes) and margins increased to 25.1% (2017: 24.7%). Three new developments were launched in Scotland: Buchanan Views in Killearn, Lethington Gardens in Haddington and Carrongrove in Denny. The housebuilder’s English Strategic Land division has recorded its highest performing year, contributing £8.1m to revenue (2017: £4.7m) and £6.9m to gross profit (2017: £3.1m). Chief Executive Ed Monaghan said, “It’s been a very successful year and we are in an extremely robust financial position. Group profits before tax are £14.2m – one of the highest profit levels ever achieved in the company’s 93 years – and up 11% year-on-year.

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Mactaggart Mickel Homes

Turnover was also up 11% to £82.3m. “We reached an important milestone this year with the opening of our first office outside Scotland – in Cheltenham – and the start of on-site works on our development at Milton-under-Wychwood in South Oxfordshire. “Importantly, we are continuing to invest in our employees and recently received the prestigious Investors in People Platinum accreditation and Investor in Young People Good Practice Award Silver. Thanks to our successful expansion plans, we intend to recruit a number of new employees over the coming months, throughout Scotland and England. “The Group’s outlook for 2019 remains bright, despite the uncertainty surrounding the UK’s departure from the EU, as we progress several exciting new opportunities, broaden our geographical reach and continue to build on the foundations for our future success.” The new headquarters in Cheltenham is home to the Homes England and strategic land business team. The Homes England business has now acquired four sites, representing 221 units with more in the pipeline. The first showhome at St Jude’s Meadow in Milton-under-Wychwood will open in Spring 2019.

The strategic land division secured an additional 157 acres of land, submitted 550 units for planning permission and gained consent for 485. Its PRS division has grown their portfolio in Scotland and England to £65m, with continued investment in the London and Edinburgh lettings market. As attitudes towards home ownership begin to change, the diversified portfolio in both capital cities are contributing and insulating the group against this trend and strengthening their balance sheet for the future.