But group says “disappointing” end to 2010 compensated by contracting growth
Home sales at Scottish private housing, property and construction firm Miller Group fell by 7% last year due to the uncertainty following the general election result.
In a trading update ahead of the publication of full year results to the 31st of December, the firm said 2010 sales had started strongly but that the final quarter was “disappointing”, with sales rates per site per week down 16% to 0.38.
The firm said market confidence fell following the general election and the comprehensive spending review.
However, Miller said the average sale price of a house rose by 5%, with 1,915 completions achieved, and plans to open a further eight sites in 2011.
The company’s construction division was restructured in to four business covering Scotland, the North of England, the Midlands and the South West, and the South East, and secured places on key frameworks.
These included: the £28bn NHS Procure 21+ framework, the £400m North of Scotland Area Hub, and the £200m Royal Mail framework.
Keith Miller, CEO of Miller Group said the group’s diversity had enabled it to perform “ahead of expectations during a period of continuing economic uncertainty.”
He said: “While housing performed well in the first half of the year, it weakened in the second half but this was more than compensated by positive activity in our construction business. Going forward, we are well positioned to benefit from an inevitable eventual uplift in the housing sector through our strategic land bank and the substantial management contracts we were awarded last year.”