Private housebuilder Miller Homes has reported record full-year results, with the acquisition of St Modwen Homes helping to push completions to nearly 5,000 and drive revenue beyond £1.4bn. The business, owned by US investor Apollo, saw a strong uplift in 2025 performance, with pre-tax profit rising 75% to £124m and turnover increasing by just over a third to £1.43bn.
Completions were up 29% to 4,931 homes, including 779 delivered by St Modwen in the 11 months since the deal completed at the end of January last year.
Adjusted operating profit climbed 40% to £219m, while margins improved to 15.4% from 14.8%, highlighting how the enlarged group translated higher volumes into better returns.
Chief executive Stewart Lynes said the company had achieved “significant, profitable volume growth” despite wider market pressures, supported by the St Modwen acquisition and earlier investment in land.
The deal has provided Edinburgh-based Miller with a second private sales brand and broadened its delivery channels across private, affordable, partnerships and joint ventures.
Forward sales for the current financial year were 40% higher at year end, reaching £635m, and have since increased further to £907m, compared with £815m at the same point last year.
The group has also strengthened its land pipeline. Consented plots rose 19% to 16,329, while the strategic landbank grew to 50,655 plots. Miller said it intends to submit planning applications for 30 strategic sites this year, up from just eight in 2025, to support growth from 2028 onwards.
Cash at year end stood at £232m, leaving the business well positioned to continue investing in expansion.
Lynes added that Miller is in a strong position to progress towards its goal of delivering 7,000 homes, although it remains alert to any potential impact from conflict in the Middle East on costs and market confidence.
