Building firm, Mactaggart & Mickel, returns to profit
The family house building firm, Mactaggart & Mickel, has returned to profit after making a loss last year.
The company made a pre-tax profit of £3.9m compared with a loss of £3.9m in 2009.
The Glasgow builder said it had cut costs and diversified but turnover was down slightly to £40.3m in the year to the end of April 2010.
The group built 109 homes during the year with an average selling price of £284,000 - an increase of 1%.
New developments were started in Edinburgh, Newton Mearns and Ayrshire.
Ed Monaghan, chief executive officer of the company, said: "Despite turnover being down, Mactaggart & Mickel Group is financially sound and we're seeing the positive impact of a period of cost reduction and dedicated programme of diversification."
The group revealed it had cut borrowing from RBS from £39m to 24m.
Homes accounted for 48% of gross profit with lettings amounting to 21%.
Last year the company cut nearly 100 jobs and most of the rest of its workforce were put on a four-day week.
The group returned to a five-day working week in January 2010 and now employs 177 people.