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Miller Homes cites Help to Buy as turnover grows 32%

Miller Homes has reported a 32 per cent year-on-year revenue jump to £229.7m for the first six months of 2015.

The growth was driven by a 23 per cent rise in core completions to 1,040 units and an 11 per cent increase in average selling price to £218,800.

Pre-tax profit leapt by 80 per cent to £23m for the half year to 30 June 2015, compared with £12.8m in the same period a year ago.

Operating margin grew to 14.3 per cent, with operating profit excluding exceptional items soaring 71 per cent during the first half of the year.

The company said the government’s Help to Buy scheme represented a combined 34 per cent of private completions in England and Scotland.

Land investments in the six-month period stood at £60.8m, up 99 per cent over last year.

Chief executive Chris Endsor said: “I am delighted by the progress we made during the first half of 2015.

“Miller Homes’ results demonstrate the successful execution of our strategic plan based on a considered approach to increasing volumes in good quality locations concentrating on family housing.

“As completions from higher-margin land increase, we continue to see significant improvements in operating margin and return on capital. 

“Looking ahead to the full year, our current order book is 25 per cent ahead of last year, positioning Miller Homes for further significant growth in 2015.”

He added that Miller was well positioned for significant improvements in its full-year results.

The group’s order book is 25 per cent higher than at the same point last year, standing at £221m.

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