Solid performance aids Miller's growth prospects

Posted on March 14, 2013 by Professor Benfield There have been 0 comments

Miller Group’s has seen its profit before interest rise 40% to £29.2 million during the year to December 2012, partly driven by its housebuilding business, the company said today (March 14).
The private company posted a pre-tax profit of £6.6 million after 2011’s £30.4 million loss. Its total housing sales climbed 5% to 1,831 units against 2011’s 1,745 at an average selling price of £170,000 (2011: £161,000). Private reservations per site per week rose 10% to 0.46.
As of 31 December 2012, Miller held 8,087 plots in its consented landbank against 2011’s 8,060, with an estimated GDV (gross development value) of £1.5 billion. It also possesses 10,641 plots of strategic land with a GDV of £1.8 billion for which it expects to receive planning consent over the next three years.
“We have the capacity to produce around 2,000 units per annum with the potential to grow at around 5% to 10% per year,” said Miller’s ceo Keith Miller. “This year, we have 20 new sites.”
The results follow last year’s refinancing and equity injection of £160 million from GSO Capital Partners, now the group's major shareholder. “We have very good investors who have given us a strong financial platform,” Miller said. “The business feels no different as we’ve been running Miller in a similar way to a plc for years.”
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This post was posted in News and was tagged with Housing, House Building Results, New Homes

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