Miller's housing group enjoys profit surge

The housing market might be quieter than last year, but Miller Group’s housing division has enjoyed a surge in profitability in the first half of 2005, helping the privately-owned Scottish group to a record profit.

The bulk of the Miller group’s financial fortune was carried by its housebuilding division where pre-tax profit in the six months to 30 June 2005 surged to £37m, well ahead of the £27m achieved in the comparable period last year.

Miller’s housing completions were 19% down at 1,060 but the average selling price jumped from £171,000 to £195,000.

In Miller’s construction division, margins continued to tread water at 1.6% as a turnover of £120m resulted in a pre-tax profit of £1.6m.

During the period, Miller was selected as preferred bidder for the £218m Fife Schools PPP. Going forward, it is evaluating its involvement in the government’s Building Schools for the Future programme.