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Spectacular results for Miller Homes

After receiving the results on the 20th of March, Miller Homes has achieved an ¨excellent set of results¨ for the whole of 2018, with the project completion rate raising by 14% from 2017. In addition to this, the profits have lifted by 15%, totalling at £151.1 million.

Operating in Scotland, the Midlands and both the North and South of England, the housebuilder finished 3,170 homes during the end of the last year, with its average selling price rising 4% to £249,000.

The report showed that the company’s operating margin improved by a total of 70 basis points, raising the percentage to 20.2%, putting forward sales to £292 million.

Staff population has increased by 11% as the company progresses in business growth and in 2018, the first year of the West Midlands region project delivered over 325 homes.

Miller’s goal to meet the 4000 homes target by 2021 is said to be on track for success.

Structural Defects Insurance

Miller’s CEO, Chris Endsor, said: “I am delighted to report an excellent set of 2018 results for Miller Homes with improvements in all key metrics.”

“Of particular note, was the 15% increase in operating profit to £151 million which enabled us to achieve an operating margin of 20% for the first time and ahead of plan.  Land investment was 12% ahead of 2017 at £204 million and at the same time, the business generated £82 million of free cash.”

Endsor continued, “Demand for mid-market homes continues to be strong, underpinned by low interest rates and government support with Help to Buy extended to 2023.  We continue to have confidence in the resilience of the UK regional housing markets in which we operate and remain committed to our strategy of growing volumes incrementally to 4,000 units.”

“Market conditions are continually monitored with the optionality in our business planning enabling us to adapt land buying depending upon demand and opportunities.”

The report shows incredible success from the business and great promise for the years to come.

 

Specialists in Construction Insurance

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