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Near doubling of profits

Miller sets new target in ‘confident’ market

Miller HomesMiller Homes almost doubled profits last year and intends to ramp up the rate of new homes by 50% to 3,250 by 2019.

The firm sold 550 homes in Scotland in 2015, about 25% of the 2,150 it built.

Chief executive Chris Endsor said the Edinburgh-based builder “had an outstanding year in a market that continues to see confident buyers and disciplined mortgage lending”.

The new target follows an agreement on new banking facilities of £210 million through to 2020, on “improved terms”.

Mr Endsor said: “We have the operational expertise and financial firepower to grow output by a further 50% to 3,250 units by 2019.”

The Help to Buy scheme was providing valuable support for first time buyers in Scotland, he said. It was relaunched recently to focus on affordable homes after funds allocated to the original programme ran out in May last year.

The company reported a £62 pre-tax profit for 2015, up 91% from £32.5m in the preceding year. Turnover increased from £388m to £500m,

 



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