Profits rise at Miller Homes

Miller Homes saw its turnover rise 19 per cent to £391.9m in 2014. Profit before interest and exceptional items increased by 94 per cent to £44.3m

Keith M Miller, the group chief executive, said: “Miller Homes delivered a strong performance in 2014, benefiting particularly from continued improvements in the housing market.

“The business achieved significant growth in operating margins and return on capital driven by higher volumes and the increased contribution from newly acquired sites. Miller Homes also made an encouraging start to 2015.

“Private reservations to date are 18 per cent higher than the prior year. Land supply and housing demand across our regional markets remain healthy.

“We are focused on the delivery of increased margins and an enhanced return on capital. This is being achieved by a disciplined approach to land investment, growing volumes with limited additional overheads and increasing the conversion of strategic land. Our target is to deliver annual completions of 2,750-3,000 units in the medium term.

“In the rest of the group, Miller Developments experienced strong occupier and investor demand on its key long-term developments whilst Miller Mining continued to deliver profits and positive cash flow in a difficult market.”