Miller Homes has “strongly” benefited from the improving housing market, completing 855 units in the six months to June 30 2014 – a 28.2% increase on the equivalent period last year, Miller Group said August 21.
The average selling price of Miller’s homes climbed 11.9% to £198,000 against the first six months of 2013 as a result of the firm’s increased focus on larger family housing in quality locations. Miller said that 39% of its completions occurred under Help to Buy.
Miller Homes’ reported operating margin rose “strongly” from 5.3% to 10.9%, driven by a higher proportion of completions from new sites and “improved overhead recovery as volumes increase”.
Miller said that it invested £33 million in land during the period. It intends to open 26 new sites during 2014, eight of which opened during the six months to June 30.
Keith Miller, group ceo, said: “In Miller Homes, trading continues to be robust across all of our regions in the UK, increasing our confidence in our ability to deliver improved margins and return on capital. We are targeting annual completions of 2,750 units in the medium term.”