Miller Homes’ acquisition of St Modwen Homes helped the company post a 37% rise in pre-tax profit to £31.1 million for the first half of the year, from £22.6m in the corresponding period last year.
The deal had enabled Miller to increase output per site from an average of 40 homes three years ago to about 60.
Miller was unable to break down St Modwen’s contribution to the latest figures for the six months to the end of June which showed profits at the operating level up 31% to £85m. Revenue rose 28% to £585.6m.
There was a 22% increase in homes sold to 2,033 (H1 2024: 1,669) and a 3% increase in the average selling price to £289,000 (H1 2024: £281,000).
The company said it is on track for significant profitable growth in FY25 with home sales around 25% higher than previous year.
Chief executive Stewart Lynes said these were “strong results which demonstrate the success of our growth strategy and our operational execution.”
He added: “These are the first results to include St Modwen Homes, which we acquired in January of this year. I am very pleased with how that business has performed and its integration into the wider Miller family.
“Over the past three years, our regional markets have continued to perform well despite various challenging macro-economic headwinds.
“This gave us the confidence to invest around £1 billion in new land, including the landbank we acquired through the St Modwen Homes business.
“The growth in our strategic landbank has enabled us to increase our sales outlets, and we are on track to end the year with around 100 outlets, having opened the year with 70.
“Looking forward, we have a significant strategic landbank of around 50,000 plots which will support us to capitalise on the capacity we have across all our regions of delivering 7,000 homes a year.
“We are well positioned to deliver on the UK government’s homebuilding targets, enabled by positive reforms to the planning system.”
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