Miller announced that it achieved 1,493 home completions during its half year, compared to 1,336 during H1 2017 with average selling prices rising 6% to £248,000. Accordingly, revenue increased 7% to £356.1 million. Operating profit improved 11% to £70.5 million.
At the same time the company reported a 3% decrease in its private sales rate to 0.77 net reservations per site per week during the period. But the prior year figure was a “record” for the group, Miller said.
The Help to Buy scheme (in both England and Scotland) represented 35% of Miller’s private completions, in line with last year.
Miller said its new West Midlands region was set to deliver more than 300 units in 2018 and in excess of 400 units in 2019. Its forward sales are 23% ahead of last year, at “record levels” of £345 million.
Miller added that it was “on track” to deliver its strategic target of 4,000 homes by 2021.
Chris Endsor, Miller’s ceo, said: “I am delighted to report that Miller Homes has again achieved significant growth in the first half of 2018 with volumes up 12%. Our focus is on delivering on our strategic targets to increase our regional geographic penetration providing our customers with quality homes whilst improving margins and overall profitability.
Our regional proposition continues to provide favourable trading conditions both in relation to the sales market and land buying opportunities. Whilst there are no signs that Brexit concerns are yet weighing on our customers’ minds, it would nonetheless be welcomed to receive clarity as March 2019 fast approaches.”
