Property developer Macdonald posts £2.1m profits
Property developer Macdonald Estates Group claims posting a pre-tax profit of £2.1 million is a “major achievement” given the difficulties in the market.
Accounts filed at Companies House show profit fell almost 35% from the near £3.2m of 2011 on the back of a similar slide in turnover from £21.7m to £14.2m for 2012.
Chief executive Dan Macdonald admitted commercial property conditions were the most difficult he had seen in his lifetime.
The Edinburgh firm has benefited from development deals for supermarkets and more recently has been active in student accommodation …