Miller Homes Delivers Record Results Following St Modwen Acquisition
- constructnetuk
- Mar 27
- 1 min read
Private housebuilder Miller Homes has reported record full-year results, with strong growth driven by its acquisition of St Modwen Homes pushing completions close to 5,000 and revenue beyond £1.4bn.
The business, backed by Apollo Global Management, saw pre-tax profit rise by 75% to £124m, while turnover increased by over a third to £1.43bn.
Housing completions climbed 29% to 4,931 homes, including 779 units delivered by St Modwen Homes in the 11 months following its acquisition. The results highlight the immediate impact of the deal in scaling output and strengthening market presence.
Adjusted operating profit rose 40% to £219m, with margins improving to 15.4%, reflecting the group’s ability to convert higher volumes into stronger returns.
Chief Executive Stewart Lynes described the performance as “significant, profitable volume growth”, noting that the acquisition has broadened the company’s routes to market across private sale, affordable housing, partnerships and joint ventures.
Looking ahead, the business has a strong forward pipeline, with sales up 40% to £635m at year-end, rising further to £907m. Its landbank has also expanded significantly, with consented plots up 19% to 16,329 and a strategic pipeline of over 50,000 plots.
Miller Homes plans to accelerate planning activity, targeting 30 strategic site applications this year as it looks to support future growth and move towards its ambition of delivering 7,000 homes annually.
With £232m in cash at year-end, the group is well positioned to continue investing in expansion, although it remains mindful of potential market impacts from global economic pressures.
