Surge in half-yearly profits for housebuilder

The latest business news from lep.co.uk

The latest business news from lep.co.uk

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The Miller Group – which builds houses across the north west – has reported a surge in half-yearly profits,

Profits before tax and exceptional items were £18.6m, up from £16.6m for the same period last year. That represents a 12 per cent rise.

Keith M Miller, Group Chief Executive, said: “The Group has performed well and benefited from continued improvements in the market.

“Miller Homes is showing strong margin growth and a substantial improvement in return on capital, principally driven by higher volumes and the increased contribution from new sites.

“Miller Developments is experiencing positive occupier demand for its key strategic property assets. The disposal of Miller Construction in July allows the Group to focus on the housing and commercial property markets which are showing strong signs of growth.”

Mr Miller added: “In Miller Homes, trading continues to be robust across all of our regions in the UK, increasing our confidence in our ability to deliver improved margins and return on capital

“We are targeting annual completions of 2,750 units in the medium term.”