Miller grows profit for 10th year on the trot

Miller's 10th successive year of profit growth has resulted in a pre-tax profit of £11m for the first six months of 2003.

Turnover of £320m was 13% higher than in the first half of 2002 while the latest profit figure represents an improvement of almost 50% on the comparable period last year.

Miller has three business streams: property, housebuilding and construction services. The strongest contribution came from housebuilding where turnover of £150m produced an operating profit of £16.5m. Property weighed in with a figure of £2.3m while construction added £1.2m, turnover being little changed at £120m.

Chief executive Keith Miller said he had no thoughts of dropping the construction wing. "The model used at Taylor Woodrow and at Kier - albeit with a bigger construction business than us - is one we are comfortable with," he said.

"We are a housebuilding- and property-led business but construction is important as it means that we can do complex mixed-use schemes. For example we have been able to look at NHS Estates opportunities that a pure housebuilder wouldn't be able to do."