Britain's sixth biggest housebuilder reports £36m interim profit as it considers acquisition
Privately owned construction group Miller has reported a 5% profit increase despite difficult housing market conditions.
Miller Group reported pre-tax profit of £35.8m for the six months to 30 June 2007, up from £34.1m in 2006. Turnover rose to £567.6m from £549.8m over the period.
The firm’s results were boosted by a strong performance in its property division, where profit rose 50% to £15.3m, and in construction, where profit leapt to £1.9m from £0.1m.
However, the group’s housing division felt the impact of the toughing market with a slight dip in profit, down to £44.4m from £47.1m.
Keith Miller, group chief executive, said that the company was raising its volumes in the south, northern home counties and west midlands, to improve efficiencies. He also said that an acquisition in the sector was a possibility.
Miller said: “It is a tough market, but we are in good shape to grow our business.”