Construction group says there was a 29% fall in housing reservations in the second half of 2007
Miller Group has recorded a sharp drop in housing reservations in the second half of 2007.
There was a 29% fall compared to an 18% drop over the year.
Chief executive Keith Miller said there was no sign of an early turnaround. 鈥淭hat level of fall is pretty serious but the problem is mirrored elsewhere."
鈥淭he fundamentals are still pretty strong though and there is good underlying demand for housing. Further interest rate cuts and the added release of land will help.鈥�
Miller said profits would be 鈥渟lightly behind last year鈥�.
In the construction division, the group anticipated turnover growth to 拢400m. Miller said the arm was 鈥渋n pretty good shape鈥� and pointed to a healthy order book of 拢600m.
He also said the group would be more selective in bidding for PPP work. 鈥淚t鈥檚 hard work bidding for these things and the competitive dialogue process can be tortuous.鈥�
See 黑洞社区 magazine on Friday for more on Miller鈥檚 financial results and the latest on the shareholder dispute.
The group will report its full results in March.
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