黑洞社区

A potential floation of Miller Homes on the London stock exchange 鈥渞emains an option鈥�, after the firm shelved its floatation plans last October due to market volatility, Miller Homes chief executive Chris Endsor has said.

Endsor told 黑洞社区 a potential float of Miller Homes - the largest division of Miller Group - 鈥渞emains an option open to us鈥�, but was 鈥渘ot in our immediate plans鈥�.

The comments came as bumper growth in Miller Homes helped the overall Miller Group post strong results for the 2014 calendar year, including a three-fold increase in pre-tax profit to 拢34.6m, up from 拢10.4m the previous year.

The strong profit increase came despite Miller Group making a 拢12.6m charge in the set of accounts for the 鈥渆stimated future cost of long-term incentive plans for its directors and senior executives鈥�.

Endsor told 黑洞社区 Miller Group had launched a 鈥渟hare based incentive scheme due to the good set of results鈥� and rewards would be 鈥渁ligned鈥� with any shareholder gains.

Miller Group is run jointly by the chief executives and management teams of its three divisions - Miller Homes, Miller Developments and Miller Mining - after Keith Miller stepped down as group chief executive in March. Endsor hailed Miller鈥檚 鈥�40 great years with the business鈥�.

In 2014 the group benefitted from a net gain of 拢8.8m on the sale of its construction arm, Miller Construction, to Galliford Try last July, representing a 拢15m gain on the 拢16.6m sale of the business offset by 拢6.2m of operating losses in the seven months of trading prior to the sale.

Miller鈥檚 continuing operations - its housing, property and mining businesses - posted a 拢29.9m operating profit for 2014, up from 拢22.1m the previous year. Continuing revenue stood at 拢484.4m, up from 拢408.6m.

The group was boosted by strong performance in its housebuilding business Miller Homes, which now accounts for the lion鈥檚 share of its profit and revenue. Miller Homes鈥� profit before interest more than doubled to 拢47.9m in 2014, up from 拢22.8m, while its revenue grew to 拢391.9m, up from 拢330m.

Housing completions were up 12% to 1,918 homes, up from 1,707 homes, with Miller Homes adding that it is targeting expanding annual completions to 2,750-3,000 homes 鈥渋n the medium term鈥�.

Endsor said it had been a 鈥渞eally strong year鈥� for Miller Homes and the business already 鈥渉as the land bank in place鈥� to meet its annual completions expansion targets.

Miller Homes said it also made a strong start to 2015, with private reservations to date up 18% on last year, and the division was 鈥渨ell positioned鈥� to improve margins and take advantage of 鈥渃ontinued economic growth alongside the combined effects of help to buy, mortgate market review, stamp dute reforms and a disciplined land market鈥�.