Miller Group interim turnover runs to £570m

Miller Group’s latest interim results show performance inching further ahead, with turnover of £570m generating a pre-tax profit of £36m in the six months to 30 June.

In the first half of 2006, there was a £34m pre-tax profit from £550m turnover.

Keith Miller, chief executive, said: “All three businesses performed ahead of expectations. Shareholders’ funds now exceed £300m.”

The housing and commercial property assets have a completed development value of over £6bn, while the construction orderbook stands at a record £650m.

Miller’s three operating divisions are: housing; property; and construction.

Housing contributed an operating profit of £44m (turnover £310m) while property added a robust £15m (turnover £100m). The construction operation’s operating profit ran to £2m (turnover £160m).

From this total operating profit of £62m, group costs removed £2m while interest charges ate away a further £24m, the result being a final group pre-tax profit figure of £36m.

Housing completions ran to 1,600 units, a dip on the previous figure of 1,800. However, in the full year, figures will be back to 2006 levels. A higher proportion of sales were delivered from the rapidly growing southern operation which played a part in the average selling price jumping 10% higher to a figure of £194,000.

The property division’s profit was 50% higher than last time round. Market conditions were strong in both the UK and Europe, enabling Miller to make a number of successful disposals.

Planning permission has been achieved for a 290000m² first phase of the business and distribution part at Omega, Warrington.

Miller’s construction operation has an average contract value figure of £17m.