Housebuilder St Modwen racked up £213m loss in final accounts before acquisition by Miller

St Modwen Homes made a pre-tax loss of £213m in the 16 months to 30 April 2025, it has revealed.

In its last set accounts, the housebuilder, which was acquired by Miller Homes in February last year, posted a turnover of £285m in the period, up from £239m for the previous 12 months.

It made a pre-tax loss of £213m compared to a loss of £22.5m for 2023 and an operating loss of £211m compared to a £20m loss last time.

The group incurred a £175m exceptional charge due to stock and projects being valued at less than book value when the group’s assets were transferred over to Miller at the end of April last year.

St Modwen said this was due to “low embedded margin in the owned land bank”.

The firm completed 890 homes in the 16 months, up from 778 in the previous 12-month period.

In an update last month, Miller Homes said it increased its pre-tax profit by 75% following the acquisition of St Modwen. It said the rise was driven by a 29% increase in completions following the acquisition.

St Modwen placed 86th in Building’s 2025 Top 150 Contractors & Housebuilders list, which ranks firms by turnover.