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Wed June 23 2021

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Miller Homes 'positioned for significant growth'

16 Mar 16 House-builder Miller Homes has reported a 91% increase in pre-tax profit for 2015 to £62.0m (2014: £32.5m)

Miller Homes finance director Ian Murdoch (left) and chief executive Chris Endsor
Miller Homes finance director Ian Murdoch (left) and chief executive Chris Endsor

Revenue for the year increased by 29% to £500m (2014: £388m), thanks to a 14% increase in core completions to 2,153 units (2014: 1,896 units) and a 14% increase in average selling price to £227,000 (2014: £200,000)

Chief Executive Chris Endsor said: “2015 was an outstanding year for Miller Homes which demonstrates the strength of our proposition, our established national footprint and reputation for excellent customer service. This resulted in us outperforming on all our key financial metrics. 

“Our investment in recent years, combined with new bank facilities, positions Miller Homes for further significant growth.  We have the operational expertise and financial firepower to grow output by a further 50% to 3,250 units by 2019, and a business plan to deliver upper quartile EBITA growth over the next two years.”

He added that the 2016 order book was running 15% ahead of last year.  “We are continuing to experience a strong selling market with the private sales rate for the first 10 weeks of 2016 being 7% ahead of tough prior year comparatives,” he said.

“Against favourable market conditions and our well defined growth plans, we are extremely excited about our future,” Mr Endsor said.

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MPU

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