Miller said his privately owned Scottish company was well placed to purchase another housebuilder following its failed bid for Cala, which was bought out by a management team in June.
“We have been offered a number of opportunities with both public and private companies,” said Miller. “And with low gearing and net assets of £94m, we are looking at a whole range of companies. The size of any purchase is not a problem.”
The group reported a 12% increase in pre-tax profit to £5.3m for the six months to 30 June 1999 on turnover of £206m.
Operating profit in the housing division rose 64% to £1.1m helped by a “solid” housing market in Scotland and the North-east. Sales were up 10% to 532 houses.
But the group’s contracting division was hit by planning delays. This led to interim operating profit of just £200 000 compared with £900 000 last year. Miller said the problems should be resolved within six months and highlighted a 10% increase in its order book to £298m.
