Miller Homes first-half revenue up 10% to £389m

Edinburgh-based Miller Homes said on Wednesday its revenue rose 10% to £389.2 million and its operating profit rose 10% to £77.8 million in the six nonths ended June 30, 2019.

The firm said it enters the second half of 2019 with record forward sales of £368 million, 7% ahead of last year.

Private equity firm Bridgepoint bought Miller Homes in August 2017 in a transaction totalling £655 million from funds managed by GSO Capital Partners, a division of Blackstone.

Miller Homes CEO Chris Endsor said: “Miller Homes has again achieved significant levels of growth, with volumes up 13% and operating profit 10% ahead in the first half of 2019.  

“To have delivered an operating margin of 20% demonstrates the resilience of our regional markets and the group’s disciplined approach to land buying and cost control. 

“Customer demand has remained strong set against a backdrop of competitive mortgage rates but just as importantly an overwhelming need for many of our customers to acquire a new home.     

“As a further sign of our confidence in our regional markets, we invested significantly in land in the period, acquiring 12 sites at a cost of £94m.”