West Midlands house builder reports rise in profits & house completions

Chris Endsor, Miller Homes

National house builder Miller Homes, which has a major base in Worcester, has reported a 15 per cent increase in operating profit to £151 million.

Land investment was 12 per cent ahead of 2017 at £204 million and at the same time, the business generated £82 million of free cash.

The full year results for the year ended 31 December 2018 show a continued strong financial performance combined with investment for future growth.

The results show a 14 per cent increase in total completions to 3,170 homes and a four per cent increase in average selling price to £249,000. The company has acquired around 3,900 plots over the last 12 months.

The company launched its West Midlands region with just under 350 homes delivered in first full year of operation in 2018

Chris Endsor, Chief Executive, said: “Demand for mid-market homes continues to be strong, underpinned by low interest rates and Government support with Help to Buy extended to 2023. We continue to have confidence in the resilience of the UK regional housing markets in which we operate and remain committed to our strategy of growing volumes incrementally to 4,000 units. Market conditions are continually monitored with the optionality in our business planning enabling us to adapt land buying depending upon demand and opportunities.”