Miller Group's housing arm back in profit

Miller has housing, construction, property and mining divisions

Building giant Miller Group has said all four of its divisions returned profits last year.

The Scottish-based firm's annual accounts showed its core housing business turned a £17m loss in 2010 into a £0.9m profit in 2011.

The company also has construction, property and mining arms.

Its group profit increased from £2.4m to £20.8m before exceptional items, with losses after taxation of £75.7m, down from £149.8m the previous year.

Miller's annual turnover also dipped by 11% to £588m, but Chief Executive Keith Miller said he was looking to the future with confidence.

He added: "This has been a year of substantial progress for the Miller Group, with all four divisions contributing to the success of the business.

"The group is now in a position to create significant new business and we are looking to the future with confidence."

He said the company had made an "excellent" start to the current year, and added: "In our homes business, reservation rates are 10% ahead of the equivalent period in 2011."

Miller Group, which is based in Edinburgh, completed a £160m re-finance package earlier this month.