Miller\'s turnover up 70% after acquisition

Oct. 1, 2006
<p>The privately owned Miller Group has posted a record set of interim results for the six months to June 30, with pre-tax profits up 29% to £35.7 million, and profits from the Homes business up 29% to £47.1 million. Following the acquisition of Fairclough, Miller Homes delivered a 67% increase in sales to 1,776 units, with turnover rising 70% to £314 million. Chairman Keith Miller told Housebuilder: “The acquisition of Fairclough helped power the great results. We had always planned for growth, but not such a major acquisition. “The bigger business has given us the scale to create efficiencies and attract better people – we are now a much bigger machine.” He added: “Our increase in housing profits has largely come through the volume increase resulting from the acquisition. We have a good landbank and we’re looking to build around 4,000 units a year. We’re pretty upbeat about the next six months. We expect the housing market to be strong: it is still reasonably robust and the fundamentals are sound, with good demand and an ongoing undersupply.” </p> <p><strong>See this month’s Britain’s biggest housebuilders supplement for full interview with Keith Miller </strong></p>

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