Miller targets 4,000 homes a year
Miller Homes has updated its targets following a strong performance in 2016, with the housebuilder now aiming to reach 4,000 completions a year by 2020 with an operating margin of above 20%.
The targets require an ambitious 68% growth in completions in the next four years, with the firm completing 2,380 homes in 2016 (2015: 2,153). Of these, 2,032 were private sales (2015: 1,848) and 348 affordable (2015: 305).
Miller has reported a 44% increase in pre-tax profit to £89.3 million and a 13% increase in revenue to £565 million, with a margin of 18.2% (2015: 15.7%). The firm has launched a new region in the South West Midlands to help its drive to boost completions to 4,000.
Miller Homes ceo Chris Endsor said: "2016 was an outstanding year for Miller Homes delivering operating profit in excess of £100 million for the first time. 2016 was dominated by speculation around the shape of Brexit both before and after the vote. This had no discernible impact on the business which continued to perform strongly in the second half of 2016, with sales rates 17% ahead of the prior year.”