Homes divison of Mactaggart & Mickel Group reports "worsening trading conditions"
Housebuilder Mactaggart & Mickel Homes Ltd has posted a pre-tax profit of £1.47 million for the 2012 year “despite worsening trading conditions”.
The Glasgow-based company said turnover for the year to April 30 was down 23 per cent on the previous year to £37.5 million and house sales were down 24 per cent.
Pre-tax profits were down 64 per cent on the previous year's pre-tax profit of £4.2 million, though the company also reports impairment losses totalling £1.5 million “of ground and other assets”.
Stripping out those exceptional items, pre-tax profits were £2.98 million, despite average settlement values falling to £249,000 against £274,000 the previous year.
The company said in accounts filed with Companies House it paid out a dividend totalling £1.25 million for the year, leaving a retained loss of £159,000 for the year.
Mactaggart & Mickel said it also made an actuarial loss in its pension scheme of £3.56 million in the year to April 30, 2012, against a gain of £470,000 the previous year.
The company, part of the Mactaggart & Mickel Group, currently employs 192 staff.