MACTAGGART & Mickel has announced a ‘strong’ set of financial results, with a rise in turnover and double-digit profit result for the fourth year in a row.
The housebuilder’s figures for the year to 30 April 2019 showed that turnover is up to £84.7 million (2018: £82.3m), with profits of £12.1 million.
The Homes division saw revenues rise to £66.5 million (2018: £63.2m) and gross profits remaining ‘steady’ at £12.9 million. The division sold 225 homes during the course of the year, compared to 196 over the previous 12 months.
The company reported ‘excellent progress’ with its expansion into the English market, with several developments now underway throughout Oxfordshire.
The group’s diversification strategy saw the firm invest in new business areas and geographical markets. This includes an expanding of its Private Rental Sector (PRS) portfolio in London.
Mactaggart & Mickel also invested in a commercial property portfolio outside the European Union for the first time, selecting commercial properties in two areas of New York City. They have also invested in around 50 early stage companies.
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.”