Scottish housebuilder Mactaggart & Mickel Group has reported a rise in profits for the fifth consecutive year.

In its financial results for the year to 30 April 2017, the company revealed profit before tax increased 22% to £12.7 million, compared with £10.4m in 2016. In addition, turnover rose 1% to £74.3m (2016: £65.1m).

The Group's Homes division performed well, with turnover rising 12.7% to £62m (2016: £55m) with gross profits rising to £15.1m (2016: £13.7m).

Overall, the division sold 167 this financial year, slightly less than 169 sold in 2016, while average house sale values rose to £351,000 (2016: £290,000) due to the development sales mix and careful targeting of high-quality locations.

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With one of the main drivers behind the Group's results being down to continued investment in their English Strategic Land business (turnover increased to £4.7m from £0.8m last year), Mactaggart & Mickel achieved a milestone this year with the purchase of two sites for development in Oxfordshire, both expected to begin in 2018.

Chief Executive Ed Monaghan said the results shows the Group has "delivered an excellent financial performance, continued to grow the business and increased profits and turnover".

"This has been achieved against a backdrop of investment in the development of our employees and continually improving and evolving the business," he said.

"Realising our strategy to expand into the English house building market has been a significant milestone for the Group this year, and this focus will continue in the years ahead."

Image: Chief Executive Officer Ed Monaghan.

(LM)