Miller's profit climbs for 11th succesive year

Miller Group has unveiled its eleventh successive year of profit growth with turnover of £750m in 2004 producing a pre-tax profit of £53m.

Housing was the main driver behind Miller’s increase in profit. A better focus on margin growth has lifted operating margins to 15%, which chief executive Keith Miller said "brings us into line with several of our peer group".

The average selling price of £175,000 was 14% higher. Turnover in the housing division currently runs to £400m and the plan is to lift this to £600m a year by 2007.

Miller Group’s construction division had a turnover of £290m and generated a profit of £6m. The margin of 2.1% enabled Miller to state "we are a market leader in the sector". The profitability level is the result of 100% of construction turnover being procured on a negotiated basis. Repeat customers include Sainsbury’s and Morrisons.