Our strategy

Description

The Group is focused on providing high-quality homes that can be personalised to meet the needs of our customers, within sustainable and enduring communities.

At the same time, we aim to interact with customers to meet their needs in an increasingly digital world. 

Performance

There was an improvement in independently assessed quality metrics through National House Building Council (NHBC) Construction Quality Reviews (CQR) and Home Builders Federation (HBF) Customer Satisfaction scores. The CQR score increased to 4.6 (2022: 4.5) and the Customer Satisfaction score improved to 92% (2022: 91%).

Following a comprehensive review of our customer journey procedures, we restructured and invested in our customer service teams, introducing a new role of Customer Support Manager in each region, to ensure a personalised customer experience during the first year of ownership.

Our customer communications and meeting structure throughout the home buying process were revised, introducing additional touchpoints for customers to inspect their new home before purchase, while also increasing the build time to allow additional inspections and quality checks.

The MyMillerHome app is available to customers before purchase allowing access to an option visualiser to personalise their home prior to reservation. Increased functionality has appealed to customers with over 30,000 app downloads.

Our ability to allow customers to select their home online continues to be well received, with 56% (2022: 50%) of our 2023 reservations initially made online. 

Description

We are focused on creating a better place for all our people by offering attractive health and wellbeing initiatives, putting safety first, being open and inclusive, and by helping people realise their full potential through training and development opportunities. 

Performance

Staff with site-based activities have undertaken Construction Skills Certification Scheme (CSCS) training.

We launched various wellbeing initiatives, with a particular focus on those related to financial and mental health.

Our revised company car scheme has resulted in 95% of our fleet being either hybrid or electric.

We increased the number of training days to 3.1 per person (2022: 2.9). 

Description

The land investment cycle typically spans a three to five year horizon, and so it is important to plan for changes to macroeconomic conditions and industry-specific legislation that could occur over this period.

Our strategy is to operate in mid-market regional locations, which are generally less susceptible to significant market movements.

We aim to grow the business in a considered way, such that organic growth can be supported by the free cashflow generated, with targeted free cashflow of 50% of EBITDA over the medium term. 

Performance

We redesigned our house type portfolio to ensure compliance with Part L building requirements.

The Partnerships model was expanded and volumes increased from 7% to 11% in the year.

We reappraised new land acquisitions to ensure intake margins were robust and met hurdle rates, in light of persistent cost inflation and firm, but at best flat, selling prices.

Free cash of £93m generated in the year, which represented 58% of EBITDA.