The Scottish housebuilder Miller experienced a £27m pre-tax loss as it continues trading under the burden of expensive debt
Miller Homes suffered a pre-tax loss of £27m over the last six months as it struggles under the pressure of debt and interest payments.
The firm recorded a turnover of £338m for the six months up to 30 June 2010, down from £404m in the same period in 2009. It also recorded a pre-tax loss of £27m, an improvement of £7m from the previous year.
Meanwhile its net debt fell £135m to £808m, with interest on debt costing £30m for the six months to 30 June 2010.
Keith Miller, group chief executive, said: “We continue to make good progress in all businesses, each delivering an improved performance compared with 2009.
“Cash generation is strong as we recalibrate our debt to a more sustainable level.”
The housing division achieved 954 completions in the first six months of 2010, compared to 1,048 in the same period of 2009. The average selling price increased, however, by 12% to £170,000.
The firm’s construction division generated an operating profit of £3.8m, up from £2.9m in the same period of 2009. Turnover fell from £228m in 2009 to £155m in 2010.