Glasgow-based building firm, Mactaggart and Mickel, has reported a 48% rise in turnover for the last financial year.

It added that group sales hit £56m in the year to April, with pre-tax profits increasing from £1.35m to £2.4m.

The surge in profits are as a result of new developments and the launch of a part-exchange scheme.

In the last financial year, the company was awarded sub-contracting work for Miller Homes and Ogilvie Construction, while it is also one of the largest contractors for the Commonwealth Games Village. The firm has also been involved in work for housing associations and local councils, as well as expanding its office and home renting business.

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Commenting on the annual results, Chief Executive Ed Monaghan, said: "The market is slowly finding its feet again and we have achieved strong forward sales across our developments for the next financial year.

"The newly-launched Help to Buy scheme is a welcome incentive to further stimulate the market. Any initiative which encourages consumers to buy more and the industry to build more is a positive but there is no quick fix solution.

"A medium-term view, steady growth and the continuation of our diversification strategy are what will stand the business in good stead for future prosperity."

(JP/CD)