Strong results for Miller and Avant

Miller Homes and Avant Homes have reported robust full year results, with Miller’s completions rising 13% to 2,698 units, compared to the previous year.

During the year ending December 31 2017, Miller saw a 26% increase in operating profit to £130.1 million against 2016, with a 19% increase in revenue to £675 million. Pre-tax profit lifted 22% to £109.3 million.

The firm’s average selling price increased by 4% to £239,000, with the private ASP increasing 8% to £270,000, reflecting the location of new sites and “to a lesser extent” house price inflation.

Private sales lifted 4% to 0.70 per site per week. Miller said that this aided not only 2017 completions but also 2018 forward sales. Forward private volumes are running 24% ahead of last year.

The housebuilder entered 2018 with forward sales 39% ahead of 2017 and has continued to experience a strong sales market, it said.

Miller was bought by private equity group Bridgepoint in 2017. Miller ceo Chris Endsor says Bridgepoint “are committed to support us in our organic growth strategy.”

“2017 was an excellent year for Miller Homes with record profits being delivered despite a high level of corporate activity,” said Endsor. “Significant progress was made …