Miller Homes has seen its revenue and profit increase in its first trading update since its acquisition of St Modwen Homes in January 2025.
For the half year to 30 June 2025, the housebuilder saw its operating profit increase to £85million, up 31% from the same period the previous year. Its revenue also rose to £585.6million, up from £457.1million in H1 2024.
During the period, Miller increased the number of homes sold by over a fifth (22%), recording 2,033 sales, while its average selling price also rose by 3%, from £281,000 to £289,000.
The housebuilder’s net private reservations rose by nearly a third (31%) as a result of an increased number of sales outlets.
Miller saw a significant increase to its consented landbank, which stands at 16,785 plots, up 23% from Dec 2024, while its order book for the current financial year is a 33% higher year-on-year, up to £1,298million from £977million.
Miller says that it is on track for a significant profitable growth in FY25, with home sales around 25% higher than the previous year.
The results are Miller’s first since it bought St Modwen Homes, which completed on 31 January 2025. Miller said that the acquisition forms a key part of its goal of delivering 6,000 homes a year.
Miller agrees deal to buy St Modwen Homes
Commenting on the results, chief executive of Miller Homes, Stewart Lynes, said: “I am delighted to report strong results which demonstrate the success of our growth strategy and our operational execution. These are the first results to include St. Modwen Homes, which we acquired in January of this year. I am very pleased with how that business has performed and its integration into the wider Miller family.”
“Over the past three years, our regional markets have continued to perform well despite various challenging macro-economic headwinds. This gave us the confidence to invest around £1billion in new land, including the landbank we acquired through the St. Modwen Homes business. The growth in our strategic landbank has enabled us to increase our sales outlets, and we are on track to end the year with around 100 outlets, having opened the year with 70.”
“Our three-tenure model comprises of private, affordable and partnership homes, which are built for the institutional rental market. This ensures that we deliver a broad spectrum of the housing market to satisfy demand and diverse housing needs. Through the St. Modwen Homes acquisition, we have added a second brand to the business, enabling us to increase output per site from an average of 40 homes three years ago to around 60 today.”
“Looking forward, we have a significant strategic landbank of around 50,000 plots which will support us to capitalise on the capacity we have across all our regions of delivering 7,000 homes a year. We are well positioned to deliver on the UK government’s homebuilding targets, enabled by positive reforms to the planning system.”
