Construction News

09/03/2017

Miller Homes Reports 44% Rise In Profits

Miller Homes has reported a 44% increase in profits in its full year results for the year to 31 December 2016.

With profit before tax rising from £62 million in 2015 to £89.3m in 2016, and revenue increasing to £565m (2015: £500m), Chief Executive Chris Endsor revealed the Group plans to build 4,000 new homes by 2020.

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"A substantial land investment programme is planned in 2017, alongside the launch of a new region in the Midlands," he said. "Our organic growth strategy will deliver a 68% increase in the capacity of the business to 4,000 homes per year with plans to deliver this by 2020."

Elsewhere, Miller Homes increased its land investment by 41% to £178m in 2016 (2015: £126m), while forward sales for 2017 are 50% ahead of last year.

(LM/JP)

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