Mactaggart & Mickel, have today (5 November 2019) announced a strong set of financial results for the year to 30 April 2019. The company, founded in 1925, reported a rise in turnover to £84.7m (2018: £82.3m) and a double-digit profit result (£12.1m) for its fourth consecutive year.
Mactaggart & Mickel’s Homes division posted a solid performance with turnover rising to £66.5m (2018: £63.2m) and gross profits remaining steady at £12.9m. The division sold 225 homes this financial year (2018: 196 homes) with new housing developments being launched at Stewart Gardens in Newton Mearns, the conversion of B-listed Carrongrove House near Denny in Falkirk and St Jude’s Meadow in Oxfordshire.
The company have seen excellent progress with their recent expansion into the English housebuilding market, with several developments underway throughout Oxfordshire. Their first development, St Jude’s Meadow at Milton-under-Wychwood, successfully launched to the market and will shortly be followed by Childrey Park in East Challow. Two additional Oxfordshire sites will be launched next year.
The Group’s diversification strategy, designed to smooth out the peaks and troughs of the construction sector, saw the company invest in new business areas together with new geographical markets. This includes expanding their Private Rental Sector (PRS) portfolio in London and making several significant investments during the year which will bear fruit in years to come, bringing the company’s investment in England to over £70m.
Mactaggart & Mickel have also invested in a commercial property portfolio outside the European Union for the first time, selecting commercial properties in two thriving areas of New York City. They have also invested in around 50 early stage companies, helping them to realise their business ambitions.
Commenting on the results, Chief Executive, Ed Monaghan said:
“We have posted another strong set of financial results, which is particularly pleasing given the uncertain political and economic landscape facing the economy.
“This year we simplified our organisational structure to create two new management boards – Homes and Investments. This new structure will facilitate greater collaboration and shared expertise to drive forward our continued diversification.
“There have been a number of key highlights this year. These include; launching our first English development and appointing Joanne Casey as Managing Director for our Homes division in England, selling 225 homes, 61 of which were affordable, and a 3,000 sq ft retail store, refurbishing the historic B-listed Carrongrove House and selling 1,074 land plots with planning permission.
“We continue to excel in delivering quality homes and were delighted to receive a 5-star rating for customer satisfaction from the Home Builders Federation for the seventh year in a row. We also won a number of awards for quality, construction, design and health & safety.
“We have made remarkable progress in key areas and created strong foundations to allow us to expand and diversify. The outlook for the year ahead is optimistic as we continue to excel in core business areas whilst having the flexibility to pursue exciting long-terms goals to further grow and flourish.”