The recently refinanced construction group reported a 7% rise in revenues for the six months to 30 June 2012, to 拢262.5m (2011 H1: 拢244.9m).
With Miller making a 拢42m pre-tax loss for the full year 2011 and a 拢100m loss for 2010,聽the turnaround was overdue.
Housebuilding activities delivered revenues of 拢124.8m (2011 H1: 拢124.3m) and a significant rise in operating profit to 拢4.4m (2011 H1: loss of 拢35.2m). Total housing completions of 820 units (2011 H1: 821 units) were static, as expected.
Construction revenue was down slightly at 拢113.1m (2011 H1: 拢115.6m) with an operating loss of 拢800k (2011 H1: profit 拢1.4m) due to increased business development expenditure. With 拢320m of new orders secured in H1, the total order book is up 34% during the period to 拢805m as a result of increased business development, the company said.
Group chairman Philip Bowman said: 鈥淒espite the challenging economic environment the group has achieved an improved set of results in the first half of 2012. Since being appointed chairman in April 2012, I have been impressed with the quality and resilience of the businesses and the strength and depth of the operational management.
鈥淔ollowing the refinancing, the business is now well funded and our objective is progressively to deliver value to our enlarged investor base. I am confident the management team will continue to build on the steady progress that they have made in the first half of 2012.鈥�
Group chief executive Keith Miller added: 鈥淚 am pleased to report that the group has delivered a strong performance during the first half of 2012 and returned to profit. Trading has remained steady; both turnover and total housing volumes are at the same level as last year against the backdrop of challenging market conditions.
鈥淟ooking ahead to the second half of 2012 and beyond, we are poised to increase turnover in line with the group's expectations. A particular highlight for the group is that to date the construction order book is already 34% ahead of December 2011 levels at 拢805m. We are also continuing to invest in high quality land and we anticipate spending 拢55m on new housing land during the remainder of the year which will support further sales outlet growth into 2013 and beyond. However, any real improvement in housing starts will only arise if there is a change in lenders鈥� strategies regarding the availability and pricing of mortgages.鈥�
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