Miller pre-tax losses hit £27m in first half

Aaron Morby 14 years ago
Share

Miller Homes continued to trade at a loss in the first half of the year, contributing along with interest costs to a group pre-tax loss of £27m.

The £7.1m housing loss in the first half, amounted to a slight improvement on losses of £12.7m in the same period last year.

Profits from property, contracting and mining activities helped Miller return a trading profit of £3.3m on turnover down at 16% at £338m.

Net debt fell £135m to £808.2m compared to the same time last year, with interest and fee payments now costing £30m.

Keith Miller, Group Chief Executive, said: “We continue to make good progress in all businesses, each delivering an improved performance compared with 2009.

“Cash generation is strong as we recalibrate our debt to a more sustainable level.”

He said that forward land prospects were encouraging, with 11,260 plots allocated in local plans.

“This provides us with visibility and excellent opportunities for profitable growth over the next five years.

Miller opened nine new sales outlets during the first half year and a further five are planned during the second half.

Contracting delivered an operating profit up 31% to £3.8m, despite turnover falling a third to £155m.

Chairman Sir Brian Stewart said: “Markets remain challenging, but we have already secured sufficient orders to deliver a turnover of around £300m for 2010.”

Government cut-backs saw the firm’s Gloucester Police PPP project cancelled while its Leicester BSF scheme escaped unscathed.

The commercial property arm continued to perform well, contributing an operating profit of £5.5m (2009: £2.4m)

Miller Developments has conditionally contracted to purchase a site in Nottingham city centre, which has a 100,000 sq ft office pre-let from E.ON.

Latest news

Police ban mobile cranes from roads over Easter

Plant hire bosses livid as forces across the country extend abnormal load embargoes
19 hours ago

Director jailed for exposing workers to asbestos

Ten tonnes of asbestos insulating board stripped out by unqualified workers
23 hours ago

Site labour rates start rising again

Industry's biggest payroll firm says "it feels like things could be turning round"
1 day ago

Council finds extra £33m for Buckinghamshire link road

South East Aylesbury Link Road costs soar by nearly 30% to £147m
1 day ago

Quartet win £490m North West & Central railway works deal

Skanska, Kier, Octavius Infrastructure and Story Contracting bag major projects deal
1 day ago

Unite Students plans first major mixed-use scheme

Developer's first mixed BTR and PBSA project to be built in Edinburgh
2 days ago

Galliford Try names new finance director

Rentokil's Kris Hampson joins contractor to replace Andrew Duxbury
1 day ago

Council boss hits out at bat threat to £274m road job

Natural England could scupper scheme due to be built by Ferrovial
1 day ago

Hydrogen-fuelled diggers to be allowed onto highways

Government to raise barrier to widespread use of hydrogen fuelled plant in construction
2 days ago

Plans in for £118m Government hub in Darlington

Work pencilled to start later this year on new home for 1,450 civil servants
2 days ago

New contractor highlights Henry Construction jobs on website

New firm lists jobs by failed contractor to show its experience
2 days ago

Contractors line up for £2.6bn Anglian Water AMP8 deal

Eight big names land places on pioneering @one Alliance
3 days ago

McAleer & Rushe bags first major later living project

Work to start this month on 167-flat Royal Tunbridge Wells project
2 days ago

Kier starts first all-electric prison houseblock job in Kent

Next-generation fully electric T60 prison houseblock to be built at HMP Elmley
2 days ago

Keepmoat sees better times ahead in housing market

Profits dip in 2023 despite construction of record number of new homes
2 days ago

Vistry signs partnership deals for 1,900 mixed tenure homes

West Sussex former airfield and Newmarket sites to break ground
3 days ago

Turnover at Wates tops £2bn for first time

Construction division exceeds £1bn turnover as average contract value hits record high of £48.3m
3 days ago

L&G looks to sell Cala Homes in exit from house building

Insurance giant reported to be preparing to offload 3,000 homes-a-year developer
4 days ago

Multiplex profit almost trebles as margin hits 5.5%

Revenue jumps 20% to £675m as big London scheme complete
3 days ago

TopHat puts plans to open huge Corby factory on hold

Advanced manufacturing facility was due to employ 1,000 people
3 days ago

Laing O’Rourke lands Calderdale hospital job

Enabling works to start by the end of this year at West Yorkshire site
3 days ago

Go-ahead for £475m Sunderland film and TV studios

Work to start this year on first phase Corwn Work studios
3 days ago

Willmott Dixon set for £20m Stockport Community Hub

Planning decision expected in June on Marple leisure and health clinic project
3 days ago

Police hunt for blundering dumper truck thief

Raider drove into a fence before getting stuck on a bank
3 days ago

Beattie Passive files administration notice

Passivhaus pioneer has been in business for more than ten years
4 days ago

McAlpine set for £50m space and tech centre

Northumbria Uni sign pre-con deal for new satellite research hub
4 days ago

VolkerFitzpatrick seals £34m Kent road viaduct

Work to start next year on Sturry Link Road near Canterbury
4 days ago

Eight win £600m Scottish civil engineering framework

Balfour, Farrans, Graham and Morgan Sindall win major works lot
4 days ago

Site engineer crushed to death by excavator

22-year-old victim died just months after graduating from university
6 days ago

NG Bailey fined £135,000 after hospital site death

Worker died after striking overhead beam while navigating a mobile elevating work platform
7 days ago

Contractor services