Housebuilder to deliver 260 homes across Yorkshire as revenue rises

Housebuilder Miller Homes has announced a rise in revenue as it continues to build towards its target of 4,000 homes by 2021.

For the year ending 31 December 2018, Miller Homes saw an 11% rise in turnover from £674m to £747m. Operating profit also rose to £151.1m, which is a 15% increase on the £131.1m achieved the year prior.

During this period, the housebuilder completed a total of 3,170 homes, representing a 14% from the previous year.

With 116 employees, Miller Homes’ office in Wakefield currently has £18m invested in new land providing 260 units via 11 developments across the county.

However, the company’s profits for the year decreased from £87.7 to £82.9m. Thi is due to net financing costs rising from £27m to £49m after Miller Homes made a change to its debt structure in October 2017.

Chris Endsor, chief executive of Miller Homes, 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 £151m 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 £204m and at the same time, the business generated £82m of free cash. 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.”