Housebuilder Miller Group sees profits more than double

Miller reported a strong increase in house completions over the year

Housebuilder Miller Group has reported a surge in turnover and pre-tax profits for the year to the end of June.

The Edinburgh-based company said its homes division was boosted by increased mortgage availability and the Help to Buy shared equity loan scheme, which had helped to lift consumer confidence.

Miller, which sold its loss-making construction arm last month, reported a 23% rise in group revenue to £206.9m.

Pre-tax profits soared by about 107% to £8.3m.

Miller said the recent introduction of tougher mortgage affordability checks had not affected its trading and "should help ensure a long-term sustainable supply of mortgage finance and hence demand for new housing."

House completions were 28.2% higher at 855 units, driven in part by a strong opening order book.

Chief executive Keith Miller said: "Miller Homes is showing strong margin growth and a substantial improvement in return on capital, principally driven by higher volumes and the increased contribution from new sites.

"Miller Developments is experiencing positive occupier demand for its key strategic property assets.

"The disposal of Miller Construction in July allows the group to focus on the housing and commercial property markets which are showing strong signs of growth."