Profits hike at Derby housebuilder

Derby-based Miller Homes has seen its operating profit rise by 10% in the first six months of 2019, according to new figures released by the firm.

The firm, which wants to build 4,000 new homes between now and 2021, says operating profit is up to almost £78m for the period to 30 June. Forward sales are at record levels of £368m – some 7% ahead of last year.

Chris Endsor, chief executive, said: “Miller Homes has again achieved significant levels of growth, with volumes up 13% and operating profit 10% ahead in the first half of 2019. To have delivered an operating margin of 20% demonstrates the resilience of our regional markets and the Group’s disciplined approach to land buying and cost control.

“As a further sign of our confidence in our regional markets, we invested significantly in land in the period, acquiring 12 sites at a cost of £94m. Our new Teesside region will be launched in the second half of this year, becoming fully operational from the start of 2020.”