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Miller Group reports half year pre-tax loss of £33.8m

The Miller Group has reported a half year pre-tax loss of £33.8 million with turnover falling 19 per cent due to the recession.

The group’s results for the six months to 30 June 2009 showed turnover down 19 per cent to £404 million from £497.6 million the previous year.

But the group has started to see an increase in housing sales with volumes totalling 1,048 for the six months compared with 972 last year.

And there is a 45 per cent increase in reservations booked to the end of August with 1,773 compared with 1,221 last year.

The firm said it is successfully participating in the Homes and Communities Agency HomeBuy Direct and Kick Start schemes which will involve the completion of 1,567 units between 2009 and 2011 under these Initiatives.

The group’s commercial property arm let over 147,000 sq ft of space during the period and bosses said they actively reviewing new opportunities for reinvestment.

The construction division’s order book totals £600 million from £800 million the previous year.

But around 75 per cent of the order book is within the public sector, largely in education and healthcare providing satisfactory visibility towards 2010 and beyond.

Miller group chief executive Keith Miller said: “Our markets are showing some signs of stability and there are positive indications of recovery ahead.

“Markets are likely to remain challenging but we have a highly proven and experienced management team who will take full advantage of the economic upswing when it arrives.”