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Mactaggart & Mickel earnings hit by ‘hard’ market

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New-build home at Lethington Gardens in HaddingtonPicture copyright
Mactaggart and Mickel

Scottish housebuilder Mactaggart & Mickel has blamed “onerous market circumstances” for a tumble in annual earnings.

The Glasgow-based principally family agency reported a rise in turnover of nearly £2.5m, to £84.7m, throughout the yr to 30 April.

However pre-tax earnings dropped by £2m, to £12.1m.

The corporate stated it turn out to be a precise scenario of outcomes, given the “hazardous political and monetary panorama” going all through the monetary system.

Neighborhood chairman Alan Hartley stated political and monetary uncertainties throughout the last quarter had “eroded” buyer self perception and resulted in fewer of us taking a scrutinize distinctive properties.

The agency’s properties division seen turnover climb by larger than £3m to £66.5m.

It bought 225 properties throughout the course of the yr – up from 196 throughout the previous 12 months. Its most widespread initiatives comprise Stewart Gardens in Newton Mearns and the refurbishment of the B-listed Carrongrove Dwelling strategy Denny in Falkirk.

Picture copyright
Mactaggart and Mickel

The housebuilder has been rising into the English market, with a number of developments beneath capability in Oxfordshire, together with St Jude’s Meadow at Milton-beneath-Wychwood.

That mission will rapidly be adopted by Childrey Park in East Challow, whereas the come of two extra Oxfordshire websites is due to provoke subsequent yr.

The corporate, which turn out to be based mostly in 1925 and employs nearly 300 of us, moreover bought 1,074 land plots with planning permission throughout the course of the yr.

Mactaggart & Mickel stated it had been investing in distinctive trade areas as half of a diversification approach designed “to mild out the peaks and troughs of the development sector”.

It has expanded its Private Condominium Sector (PRS) portfolio in London and invested in industrial property in two areas of Recent York Metropolis.

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