Mactaggart & Mickel eyes NY as revenue tops £84m

Glasgow-based housebuilding firm Mactaggart & Mickel said on Tuesday its turnover rose £2.4 million to £84.7 million in the year to April 30, 2019.

Profit slipped by £2 million to £12.1 million.

The company said it has seen progress with its 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 includes expanding its Private Rental Sector (PRS) portfolio in London and making several significant investments during the year which it said will bear fruit in years to come, bringing the company’s investment in England to over £70 million.

Mactaggart & Mickel said it has 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. 

The firm has also invested in around 50 early stage companies.

Mactaggart & Mickel CEO 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.”