Revenue for the six months to 30th June 2015 was £229.7m (2014 H1: £173.6m). This reflected a combination of a 23% increase in core completions to 1,040 units (2014 H1: 845 units) and an 11% increase in average selling price to £218,800 (2014 H1: £197,700).
Profit before tax increased by 41% to £23.0m (2014 H1: £16.3m)
The operating margin increased from 11.1% last year to 14.3% this time.
Chief executive Chris Endsor said: “Miller Homes’ results demonstrate the successful execution of our strategic plan based on a considered approach to increasing volumes in good quality locations concentrating on family housing. As completions from higher margin land increase, we continue to see significant improvements in operating margin and return on capital. Looking ahead to the full year, our current order book is 25% ahead of last year, positioning Miller Homes for further significant growth in 2015.”
He added that the sales performance since the end of June had continued to be strong despite the traditionally quieter summer holiday period. The order book for the second half of 2015 stands at £221m, 25% ahead of last year.
“We are 93% sold for 2015 and well positioned for significant improvements in our full year results,” Chris Endsor said.
A further 12 sales outlets are opening in the second half of 2015, taking overall outlet numbers above 70 by the end of the year.