The Scottish housebuilder Miller experienced a 拢27m pre-tax loss as it continues trading under the burden of expensive debt

Miller Homes suffered a pre-tax loss of 拢27m over the last six months as it struggles under the pressure of debt and interest payments.

The firm recorded a turnover of 拢338m for the six months up to 30 June 2010, down from 拢404m in the same period in 2009. It also recorded a pre-tax loss of 拢27m, an improvement of 拢7m from the previous year.

Meanwhile its net debt fell 拢135m to 拢808m, with interest on debt costing 拢30m for the six months to 30 June 2010.    

Keith Miller, group chief executive, said: 鈥淲e continue to make good progress in all businesses, each delivering an improved performance compared with 2009.

鈥淐ash generation is strong as we recalibrate our debt to a more sustainable level.鈥�

The housing division achieved 954 completions in the first six months of 2010, compared to 1,048 in the same period of 2009. The average selling price increased, however, by 12% to 拢170,000.

The firm鈥檚 construction division generated an operating profit of 拢3.8m, up from 拢2.9m in the same period of 2009. Turnover fell from 拢228m in 2009 to 拢155m in 2010.

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