Miller Homes builds up profits

Miller Homes has reported increased operating profits and a rise in the number of home completions in its interim results.

Chief executive Chris Endsor said Miller Homes is 'well placed to deliver excellent full-year results'. Picture: Contributed

The Edinburgh-headquartered housebuilder, part of the Miller Group, reported an 11 per cent increase in operating profit to £70.5 million for the six months to the end of 30 June.

It completed 1,493 homes across its core and joint ventures, 12 per cent more than in 2017, and saw its owned land bank grow 10 per cent to 9,238 plots.

Chief executive Chris Endsor said the company was “well placed” for strong annual results, as its forward sales are at record levels of £345m, 23 per cent higher than last year.

Endsor said: “Our focus is on delivering on our strategic targets to increase our regional geographic penetration, providing our customers with quality homes whilst improving margins and overall profitability.

“Our regional proposition continues to provide favourable trading conditions, both in relation to the sales market and land buying opportunities.

“We continue to invest significantly in our land bank, our people and additionally in new initiatives, which will provide our customers with on line and mobile services, designed to enhance the home buying experience. With record forward sales numbers, we are well placed to deliver excellent full-year results.”