Miller on target for 4,000 homes by 2021

Miller Homes has seen a 13% increase in completions to 1,684 homes in the six months to the end of June this year, producing a 10% increase in operating profit to £77.8 million (H1 2018: £71.0 million) maintaining an operating margin of 20%.

Miller says it is on target to deliver its strategic target of 4,000 homes a year by 2021 – it will launch a new Teesside region planned in second half of this year and follows a new West Midlands region established 18 months ago.

Chris Endsor, Miller ceo, said: “Miller Homes has again achieved significant levels of growth, with volumes up 13% and operating profit 10% ahead in the first half of 2019. To have delivered an operating margin of 20% demonstrates the resilience of our regional markets and the group’s disciplined approach to land buying and cost control. Customer demand has remained strong set against a backdrop of competitive mortgage rates but just as importantly an overwhelming need for many of our customers to acquire a new home.

“As a further sign of our confidence in our regional markets, we invested significantly in land in the period, acquiring 12 sites at a cost of …