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Second year of profits for Mactaggart & Mickel

Scottish housebuilder Mactaggart & Mickel has posted its second year of profits in the wake of the big 2008-9 slump and revealed it had walked away from the sale of giant Redrow's Scottish business.

Ed Monaghan, Mactaggart & Mickel’s chief executive, also told The Herald that the poor availability of mortgages was “still the biggest impediment to growth in the property sector” and that recovery remained “years away”.