Mactaggart & Mickel has reported its profit has risen to £10.4 million for the year ended 30 April 2016.

In its annual report, the Scottish housebuilder stated profits had increased for the fourth consecutive year by 7.1%, however turnover declined 4.2% from £68m to £65.1m.

In addition, the company reported strong performance in its Homes, Commercial Property and Timber Systems division's.


Ed Monaghan, chief executive of Mactaggart & Mickel, said: "The Group is in good shape. Our diversification strategy begun a number of years back in response to the downturn has now moved into a new phase as we expand into England in response to the continued uncertainty at home. With a greater emphasis on land promotion, investment in rental properties and now house building, our direction of travel is clear.

"Our Group is now active in England and that activity will only grow, while we continue to develop our Scottish interests as we strive to improve our margins and returns to our shareholders."

(LM)