Housebuilder Mactaggart & Mickel Homes Ltd has survived "worsening trading conditions" to post a pre-tax profit of £1.47m for 2012.

The Glasgow-based company said this profit came despite turnover for the year to April 30 dropping by 23% on the previous year to £37.5m, and house sales falling 24%.

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Pre-tax profits were down 64% on the previous year's total of £4.2m.

The company has also reported impairment losses totalling £1.5m "of ground and other assets."

Pre-tax profits were £2.98m, despite average settlement values falling to £249,000 against £274,000 the previous year.

The company said it paid out a dividend totalling £1.25m for the year, leaving a retained loss of £159,000 for the year.

Mactaggart & Mickel also made an actuarial loss in its pension scheme of £3.56m in the year to April 30, 2012, which followed a gain of £470,000 the previous year.

(IT)