Edinburgh-based Miller Homes increased revenues to £389.2 million for the six months ended 30 June 2019, up from £355.2 million. Operating profit increased by 10% to £77.8 million, up from £71 million.
Chris Endsor, Chief Executive, said:
“Miller Homes has again achieved significant levels of growth, with volumes up 13% and operating profit 10% ahead in the first half of 2019. To have delivered an operating margin of 20% demonstrates the resilience of our regional markets and the Group’s disciplined approach to land buying and cost control. Customer demand has remained strong set against a backdrop of competitive mortgage rates but just as importantly an overwhelming need for many of our customers to acquire a new home.
As a further sign of our confidence in our regional markets, we invested significantly in land in the period, acquiring 12 sites at a cost of £94m. Our new Teesside region will be launched in the second half of this year, becoming fully operational from the start of 2020.
The other key focus areas for the business remain customer satisfaction and employee engagement and in relation to both, we continue to perform strongly. Our customer satisfaction scores continues to exceed 90% and a recent employee survey has confirmed that 94% are positively engaged in the business.
Our regional proposition, supported by significant land investment, excellent build quality and customer service delivered by a highly engaged workforce mean that we are on track to achieve 4,000 homes by 2021.”