Miller Homes has announced an increase in its operating margins for 2014.

Turnover increased by 19% to £391.9 million. This is due to an increase in volume and a 10% improvement in the average selling price (ASP) to £200,000 from £181,000.

Profit before interest along with exceptional items increased by 94% to £44.3 million.

The company also made planning applications on 2,677 plots, higher than 2,538 plots for the previous year.

Keith M Miller CBE, Group Chief Executive for Miller Homes, said: "Miller Homes delivered a strong performance in 2014 benefiting particularly from continued improvements in the housing market.

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"The business achieved significant growth in operating margins and return on capital driven by higher volumes and the increased contribution from newly acquired sites.

"Miller Homes also made an encouraging start to 2015. Private reservations to date are 18% higher than the prior year. Land supply and housing demand across our regional markets remain healthy.

"We are focused on the delivery of increased margins and an enhanced return on capital. This is being achieved by a disciplined approach to land investment, growing volumes with limited additional overheads and increasing the conversion of strategic land.

"Our target is to deliver annual completions of 2,750-3,000 units in the medium term."

(LM/CD)