Housing group Miller builds a solid profit

 
Kasmira Jefford
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MILLER Group said yesterday that profits soared by 233 per cent last year, fuelled by improved confidence in the housing market and a rise in home completions.

The Edinburgh-based company, which has operations across the UK but outside of London, reported pre-tax profits of £34.6m in 2014 compared with £10.4m the previous year, with turnover up 19 per cent to £391.9m

Completions at its Miller Homes division rose 12 per cent, to 1,918 units, while average selling prices climbed 10 per cent to £200,000.

Miller’s forward order book at the end of the year was 33 per cent higher than 2013 at £114m.

The strong performance will see chief executive Keith Miller leave on a high note. The 65-year-old stepped down at the end of March, ending 81 years of family leadership at the UK’s biggest privately owned housebuilder.

“Miller Homes delivered a strong performance in 2014, benefiting particularly from continued improvements in the housing market,” he said.

“Miller Developments experienced strong occupier and investor demand on its key long-term developments, while Miller Mining continued to deliver profits and positive cash flow in a difficult market,” Miller added.