Miller Group shows half-year profit of £36m

Miller Group's latest interim results show its performance inching further ahead, with a 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 a turnover of £550m.

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 more than £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 was a final group pre-tax profit figure of £36m.

Miller runs with an average net debt of £600m, the figure being overshadowed by assets running to £1.2bn.