Edinburgh-based Miller Homes said its 2017 profit before tax rose 22% to £109.3 million on revenue that was up 19% at £675 million.
Private equity firm Bridgepoint bought Miller Homes last August in a transaction totalling £655 million from funds managed by GSO Capital Partners, a division of Blackstone.
Miller said its 17% growth in revenues from new home sales in 2017 reflected a combination of a 13% increase in core completions to 2,698 units and a 4% increase in average selling price (ASP) to £239,000.
On its current trading and outlook, Miller Homes said: “We entered the year with our 2018 forward sales being 39% ahead of last year and have continued to experience a strong sales market in 2018.
“We will continue to monitor any impact on the business arising from the decision to leave the EU whilst noting that against a backdrop of unexpected EU Referendum and 2017 General Election results that the new homes sector in our regional markets continues to demonstrate resilience.”
Miller Homes CEO Chris Endsor said: “2017 was an excellent year for Miller Homes with record profits being delivered despite a high level of corporate activity.
“Significant progress was made towards our strategic target of upscaling volumes to 4,000 homes over the medium term with the launch of a new operating business in the West Midlands.
“We are delighted that during the year we were acquired by the private equity group, Bridgepoint who are committed to support us in our organic growth strategy.
“We delivered another record trading performance with operating profit increasing by 26% to £130 million, our sixth consecutive year of double digit profit growth and achieved 5 star status in the HBF National New Home Customer Satisfaction Survey for the sixth time in the last seven years.
“We entered 2018 with record forward sales and trading thus far in 2018 has continued to be strong.
“With over £100 million of cash at the beginning of the year and allied to the significant cash generation ability of the business, we have plans to continue to invest significantly in new land opportunities underpinned by confidence in our regional markets.”