Derby housing developer Miller back in profit
A HOUSING developer which has its East Midlands division in Derby has returned to profit after seeing a surge in sales.
In its full-year results published this morning, Miller Group reported pre-tax profits of £6.6 million for the year to December 31, which was in contrast to 2011 when the firm made a £30.4 million loss.
Miller Group is made up of a number of divisions, including housing, commercial property, mining and construction.
Overall group sales were up 5% to £619.9 million.
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One of the main drivers behind the increased profit was housing, where new land bought more cheaply yielded increased margins.
The firm, which has its Miller Homes regional office in Centro Place, Pride Park, last year sold 1,831 houses - a 5% increase on its 2011 performance.
The average selling price was also higher - £170,000 - compared to £161,000 in 2011.
Chief executive Keith Miller said: “The group performed well.
“Although we are continuing to operate in a demanding economic environment, the group has a strong balance sheet and long term committed bank facilities, which provides us with financial flexibility.
“The group is strongly positioned for 2013 and beyond.”