The firm’s 2010 loss was an improvement on 2009, and its chairman was optimistic of market recovery
Miller Group, the housing and construction specialist, reported sales in 2010 of £666m, down 15% from 2009, when its sales were £783m.
It made a loss before tax of £58m in 2010, an improvement on 2009’s loss of £72.4m.
Despite the housing market weakening in the second half of 2010, Keith Miller, Miller Group chairman, was optimistic there will be a recovery in 2011.
“Everything depends on the spring selling season but so far, so good.
“Visitor levels since the new year are up 18% on the same period last year,” he said.
During 2010, Miller reduced its net debt by £170m but it still stands at £500m.
There is a further £200m in debt in special purpose vehicles, primarily exposed to the commercial sector.