Miller Homes signals confidence in Central Belt following profits and revenue boost
Scottish housebuilder Miller Homes has underlined its commitment to capitalise on strong demand for family homes in areas such as Glasgow and Edinburgh after posting strong annual results.
The Edinburgh-based company saw a 26% increase in operating profit last year, up £27.1 million on the previous year, on revenues up 19% to £675m from £565m in 2016.
Miller Homes enjoyed a 13% increase in core completions while average selling price also increased by 4% to £239,000 from last year’s results, though this remained steady in Scotland at £253,000.
Miller sold 2,775 homes in 2017, including 687 in Scotland, having sold 612 homes in Scotland in 2016.
Miller had plots with planning consent for 2,626 homes in Scotland at the year end, up 21% on the end of 2016.
Chief executive Chris Endsor said the outlook still appears bright in the markets Miller focuses on, in spite of concerns about the potential fallout from Brexit.
“We entered 2018 with record forward sales and trading thus far in 2018 has continued to be strong,” he said.
Private equity firm Bridgepoint bought Miller in a £655m deal in August that put a multi-million valuation on the holdings of the founding family.