A building firm based in Glasgow has revealed a significant rise in turnover for the last fiscal year, further signalling the improvement in the economy across Scotland.
Mactaggart & Mickel, which has ongoing projects across the country, reported a growth of 48 per cent for the year.
According to the company, its group sales hit £56m in the 12 months leading up to April. Pre-tax profit also rose; in 2012 it was at £1.35m but this has grown to around £2.4m in 2013.
Many other construction companies have also seen business growth over recent months, supported by things like financial re-strategising and the collapsing of rivals.
A number of those which are staying resilient to falling work volumes and late or deferred payments have shored things up using invoice finance facilities, such as factoring and invoice discounting.
Much of Mactaggart & Mickel’s increased turnover has come as a result of the new developments it is working on. As well as a number of projects in Glasgow, it is working on contracts in Edinburgh, Ayrshire and west of Scotland.
The signs are good for the immediate future too, with the firm being heavily involved in the delivery of the Commonwealth Games accommodation village. The company is taking charge of the construction of 225 out of 700 homes on the site, with the contract valued at £26.5m.
Ed Monaghan, the company’s chief executive, said:
“The market is slowly finding its feet again and we have achieved strong forward sales across our developments for the next financial year.”
He went on to say that the medium-term view for the business was one of steady growth.