Glasgow-based housebuilding firm Mactaggart & Mickel Group said its profit before tax rose from £9.8 million to £10.4 million in the year year ending April 30, 2016, while turnover fell slightly from £68 million to £65.1 million.

The company said it is actively looking “to expand beyond its geographical boundaries in its house build operations and investment properties” with two development sites in the south of England “with more to follow” marking a major milestone for the business.

Mactaggart & Mickel chief executive Ed Monaghan said: “This financial year marked the last in our five year plan which advocated a consistent, medium term approach and sustained focus on improving efficiencies across the group.

“It has delivered steady growth, consolidated by this year’s significant upturn in profit.

“We now move into a new phase for the business as we develop our operations not only in Scotland, but in England.

“We have chosen two sites in the south of England for development by our Homes division, with more to follow.

“This marks a major milestone for the business, and helps fulfil our long term ambition to expand, taking advantage of wider opportunities for growth.

“We will continue to nurture our Scottish interests and remain firmly committed to growing our presence across Scotland; an intention crystallised by the signing of a new 10 year lease on our Glasgow-based headquarters.

“Diversification remains a priority as we embrace new technology, products and markets. With a strong land bank and clear strategic focus, we are well placed to deliver future business growth.”