Build Scotland Construction Directory
Time and date
CONSTRUCTION DIRECTORY
Share this page
Construction News
13/03/2014

Miller Group Posts Pre-Tax Profit

Construction News Image
The Miller Group has reported a 57% increase in its pre-tax profits.

In its latest results for the year to 31 December 2013, the Edinburgh-based housing firm said the news comes amid an "improving" market.

In 2013, the company made £10.4m – an increase from £6.6m the previous year.

There was a "significant improvement" in the groups' home division in the second half of 2013, with private reservations said to have increased by 23%. In a statement, Miller Group added that a "significant improvement" in the market had been strengthened by the introduction of the Government's Help to Buy scheme, as well as the increasing availability of higher loan-to-value mortgages.

-- Advertisement --
NorthernAsbestosServicesLtd

However, it also warned that the need "for further reform of planning processes in order to increase historically low levels of new starts remains a hotly contested issue."

The report revealed the firm's average selling price increased 6.5% to £181,000 and said more rises could be on the way. Elsewhere, Miller Group significantly stepped up its land-buying with £92m committed in 2013, compared with just £56m in 2012.

There was a loss of £4.6m reported by the group's construction division. It explained that it reflected "losses on a limited number of contracts that had been procured competitively on the basis of price."

On this basis, Miller said it no longer tended for projects.

Keith Miller, CBE Chief Executive, said: "All our businesses are now well positioned to take full advantage of improving market conditions.

"Miller Homes continues to benefit from increased demand, improving selling prices and a balanced sales mix, and is delivering increasing margins.

"The Board is confident that Group performance coupled with our strong financial base means we will continue to generate further value. This is a strong set of results which provides an excellent base from which to plan the next stage of Miller Group's development."

(JP/IT)

Latest Construction News

15/11/2024

A major milestone has been reached in the UK's transition to a greener energy future. Ofgem has approved the Eastern Green Link 1 project, a £2.5 billion investment that will see the installation of a 196km subsea electricity cable between Scotland and England. The project, a joint venture between ...
15/11/2024

Falkirk Council has secured a £100 million Growth Deal that is expected to create 1,660 jobs and generate £628 million in economic benefits for the area. The Deal, signed by the UK and Scottish Governments, will fund 11 projects, including: • A Carbon Dioxide Utilisation Centre • A Bioeconomy ...
15/11/2024

The Scottish Plant Owners Association (SPOA) has raised concerns that the measures announced in the Autumn Budget could lead to the demise of the plant hire industry in Scotland. The association argues that the increased tax burden and other economic pressures will have a significant negative ...
15/11/2024

Maxi Construction has been awarded a £1.6 million contract by The City of Edinburgh Council to replace the Reinforced Autoclaved Aerated Concrete (RAAC) roof at Pentland Primary School. The phased project will involve the removal of existing roof coverings and ceilings, the replacement of RAAC ...
15/11/2024

Clark Contracts has been awarded a contract to retrofit Scotland's National Retrofit Centre at BE-ST's Innovation Campus. The project aims to transform the building into a living laboratory, showcasing best practices in non-domestic retrofit.  The ambitious project will involve a range of ...
15/11/2024

The Scottish Government has announced plans to bypass the villages of Springholm and Crocketford on the A75, a key route linking Scotland to Ireland. Jacobs UK Ltd has been awarded a contract to undertake initial design and assessment work for the bypass. The project is funded by the UK ...
15/11/2024

Dundee City Council has secured a £693,383 grant from the Scottish Government's Recycling Improvement Fund to upgrade its recycling facilities at Baldovie and Riverside. The funding will be used to purchase new waste management equipment, such as roll packers and compactors, to improve efficiency ...
15/11/2024

Homes for Good and Glasgow Credit Union have formed a partnership to address housing inequality in Glasgow and neighbouring areas. Glasgow Credit Union has provided a £2.4 million loan to Homes for Good, which will be used to purchase up to 35 homes for low-income individuals and families. The ...
15/11/2024

The historic Troon station has reopened following a £5m restoration project. The station was extensively damaged by a fire in 2021. Network Rail, in partnership with AmcoGiffen and CPMS, undertook the rebuild, which included the restoration of the station's iconic façade while incorporating modern ...
15/11/2024

BEAR Scotland, on behalf of Transport Scotland, is undertaking emergency works on the A828 between Ledaig and Benderloch to address a safety concern related to a deteriorating rock face. Recent monitoring has identified a fractured rock mass 60 metres above the road, requiring urgent attention. To ...
RBT Underfloor LimitedMorris & Spottiswood LtdEarth Tech LPS LTDSolway Ecology Consulting LtdPerfect View Aerial FilmingBurnside Plant Hire LtdSips Eco Panel Systems LtdM K M Building Supplies LtdAlternative Tying Systems LtdContainex
Terms and Conditions
2024/11/16 06:59:40