Miller Homes has reported record full-year results, with the acquisition of St Modwen Homes driving a sharp rise in completions and pushing revenue beyond £1.4bn.
The Edinburgh-headquartered builder, owned by Apollo Global Management, delivered a strong performance in 2025, with pre-tax profit increasing 75% to £124m as turnover climbed by just over a third to £1.43bn.
Total completions rose 29% to 4,931 homes, including 779 delivered by St Modwen during the 11 months since the acquisition completed at the end of January last year. The enlarged group also reported a 40% increase in adjusted operating profit to £219m, with margin improving to 15.4% from 14.8%, reflecting its ability to convert higher volumes into stronger returns.
Chief executive Stewart Lynes said the business had delivered “significant, profitable volume growth” despite wider market pressures, supported by the St Modwen acquisition and earlier investment in land.
The deal has expanded Miller’s operational platform, providing a second private sales brand and broadening its delivery model across private housing, affordable homes, partnerships and joint ventures.
Forward sales for the current financial year were up 40% at the year end to £635m and have since increased further to £907m, compared with £815m at the same point last year, underlining continued demand across its developments.
The group has also strengthened its land position to support future growth. Consented plots increased 19% to 16,329, while the strategic landbank expanded to 50,655 plots. Miller said it intends to submit planning applications for 30 strategic sites this year, a significant increase from eight in 2025, as it prepares for growth from 2028 onwards.
Cash reserves at the year end stood at £232m, providing the financial flexibility to continue investing in expansion.
Lynes said the company is now well positioned to move towards its target of delivering 7,000 homes annually, although it remains alert to potential impacts on costs and market confidence arising from geopolitical tensions in the Middle East.
