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Surge in profits

Miller Homes reports ‘outstanding year’

Miller HomesMiller Homes saw a sharp rise in profits in what chief executive Chris Endsor described as “an outstanding year”.

The firm generated pre-tax profits up 44% to £89.3 million in 2016 on a 13% rise in revenues to £565m.

It completed 2,380 units during the year, an increase of 11% on 2015’s total.

Mr  Endsor said the group had achieved its 2017 operating margin target of 18% a year ahead of plan. Operating profit rose above £100m for the first time, at £103m.

“The experience after the [EU] vote in June is that we saw a very strong housing market that continued in all of our regions, including Scotland,” he said.

“Our second-half sales were substantially up on the prior year and we didn’t miss a beat.”

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