Miller Homes publishes the following half-year results, ending 30 June 2025. These are the first figures to reflect Miller Homes’ acquisition of St. Modwen Homes, which completed on 31 January 2025.
Highlights
- 31% increase in operating profit to £85m (H1 2024: £65m)
- 22% increase in homes sold to 2,033 (H1 2024: 1,669)
- 3% increase in Average Selling Price to £289,000 (H1 2024: £281,000)
- 31% increase in net private reservations due to increased sales outlets
- 23% increase in our consented landbank to 16,785 plots (Dec 2024: 13,695)
- 33% increase in order book for the current financial year to £1,298m (H1 2024: £977m)
Outlook
- On track for significant profitable growth in FY25 with home sales around 25% higher than previous year
Commenting on the results, Chief Executive, Stewart Lynes, said: “I am delighted to report strong results which demonstrate the success of our growth strategy and our operational execution. 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.
“Our three-tenure model comprises of private, affordable and partnership homes, which are built for the institutional rental market. This ensures that we deliver a broad spectrum of the housing market to satisfy demand and diverse housing needs. Through the St. Modwen Homes acquisition, we have added a second brand to the business, enabling us to increase output per site from an average of 40 homes three years ago to around 60 today.
“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.”
