Results going to plan
Miller confident amid strong demand for new homes
The order book is 25% ahead of last year, positioning Miller Homes for further significant growth in 2015, said chief executive Chris Endsor.
Profit before tax increased by 80% to £23 million (H1 2014: £12.8m) on a 32% rise in revenue to £229.7m (£173.6m). The company there had been an 11% increase in average selling price to £218,800 (£197,700)
It has achived an operating margin up 14.3% and is sitting on a landbank of 16,629 plots (H1 2014: 16,553 plots), one of the largest in the sector relative to current volumes.
Mr Endsor said the results demonstrated the successful execution of the firm’s strategic plan.
“We continue to see significant improvements in operating margin and return on capital. Looking ahead to the full year, our current order book is 25% ahead of last year, positioning Miller Homes for further significant growth in 2015.
“The second half of 2015 sees the launch of a further 12 sales outlets taking overall outlet numbers to over 70 by the end of the year.
“Our new banking facilities support a significant increase in planned land expenditure and enable us to maximise our high quality strategic landbank. Combined with high demand for our product range, this provides the platform for growth in 2016 and beyond.”