Edinburgh-based top 20 contractor Miller has recorded a 12% increase in pre-tax profit to £14.8m for the year to 31 December 1998.

Turnover at Miller, which is the UK’s biggest privately owned development and construction firm, hit £3.6bn, a rise of 11% compared with the same period in 1997.

Pre-tax profit was up 49% to £10.1m at development arm Miller Developments, and Miller Homes’ pre-tax profit rose 75% to £4.4m.

Miller’s contracting division showed a forward order book of £248m, 78% of which was secured on a negotiated or partnership basis.

Chief executive Keith Miller said the group’s strategy of increased investment in development and housing had improved performance and was a basis for future profit growth.