Scots builder returns to profit
Published: 29 October, 2010
GLASGOW: Family house building firm, Mactaggart & Mickel returned to profit after making a loss last year.
The company made a pre-tax profit of £3.9m compared with a loss of £3.9m in 2009.
The company said it had cut costs and diversified but turnover was down slightly to £40.3m in the year to the end of April 2010.
Mactaggart & Mickel built 109 homes during the year with an average selling price of £284,000 – an increase of 1%. New developments were started in Edinburgh, Newton Mearns and Ayrshire.
Ed Monaghan, chief executive officer of the company, 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 company cut borrowing from RBS from £39m to 24m. Homes accounted for 48% of gross profit with lettings amounting to 21%.
The company returned to a five-day working week in January 2010 and now employs 177 people.