Double-digit progress helps Miller Properties keep on the right track

Miller is on monitor to achieve four,000 properties by 2021

The turnover at June 30, 2019 was 10% increased than 2018, at £ 389.2 million (H1 2018: £ 355.2 million). Revenue earlier than tax elevated by 19% to £ 55.3m (first half of 2018: £ 46.3m).

Mid – 12 months ahead gross sales had been 7% increased than final 12 months at £ 368 million.

Miller Properties is on monitor to realize its strategic aim of constructing four,000 properties yearly by 2021. The launch of its new Teesside space is scheduled for the second half of this 12 months. following the brand new West Midlands area established 18 months in the past.

Chris Endsor, Chief Govt Officer, stated: "Miller Properties has once more achieved important progress, with volumes up 13% and working revenue up 10% within the first half of 2019. Attaining a 20% working margin demonstrates the resilience of our area. the Group's disciplined strategy to land buy and price management. Buyer demand has remained robust in a context of aggressive mortgage charges, however it’s simply as essential that lots of our prospects completely want to purchase a brand new dwelling.

"To reveal our confidence in our regional markets, we have now invested closely in actual property over the interval, buying 12 websites at a price of £ 94 million. Our new Teesside area will probably be launched within the second half of this 12 months and can develop into absolutely operational from the start of 2020.

"Our regional proposal, supported by important land funding, wonderful construct high quality and customer support supplied by a extremely engaged workforce, means we’re on monitor to achieve four,000 housing items. 39, right here 2021. "

He added: "Regardless of unprecedented political uncertainty, the housing market in our regional markets has remained strong, with demand remaining excessive for good high quality new properties. Lately, we have now seen worth inflation of about three% per 12 months in our regional markets. The latter has been extra reasonable recently however stays constructive. The supply of supplies and manpower is usually good, with common value inflation of three to four% per 12 months, however mitigated by long-term pricing preparations and elevated effectivity by product evaluate launched in 2018. The group's buying centralization crew has been in shut contact with our nationwide suppliers. plans are in place within the occasion of a Brexit with out settlement. "

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