Housebuilder set to reach target of 4,000 homes a year
Profits at housebuilder Miller Homes have soared by 15% on the back of completing more than 3,100 homes during 2018.
The company made an operating profit of £151.1m last year, while it saw a 14% rise in the number of houses it built to 3,170.
Staff numbers at the firm rose by 11% as Miller says it will reach its target of building 4,000 homes a year by 2021.
However, net finance costs rose sharply at Miller, from £27.2m in 2017 to £49m last year, reflecting a change in the company’s debt structure in late 2017, meaning that profit before tax and overall profit dropped.
Chris Endsor, chief executive, said: “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.”
