A strong performance by Miller Group’s property arm has helped to turn the company’s performance around.
Reporting results for the half-year to 30 June, Miller said it had made a pretax profit of £0.4m compared with a loss of £52.9m in the same period last year.
The group’s development arm almost doubled its revenues from £16.9m in H1 2011 to £31.4m this year.
Development operating profits grew by 40% to £6m.
Highlights from the past six months include the planned sales of assets in Aberdeen and Fort William and letting progress on major development projects including the Omega distribution site in the North West, Arena Central in Birmingham and in Aberdeen’s booming oil market.
Group revenue grew by 7% to £262.5m.
The company’s housing arm turned itself around, delivering a £4.4m profit against a £35.2m loss last year on flat revenues of £124.8m.
It spent £10m on new land in the half year and expects to spend a further £55m in the next six months.
Group chairman Philip Bowman said: “Despite the challenging economic environment, the group has achieved an improved set of results in the first half of 2012. Since being appointed chairman in April 2012, I have been impressed with the quality and resilience of the businesses and the strength and depth of the operational management.
“Following the refinancing, the business is now well funded and our objective is progressively to deliver value to our enlarged investor base. I am confident the management team will continue to build on the steady progress that they have made in the first half of 2012.”
jack.sidders@estatesgazette.com
