Miller Homes sales unaffected so far by Iran war – Daily Business

Stewart Lynes: milestone year

Miller Homes, the UK’s sixth biggest housebuilder and largest in the private sector, has not yet seen any impact on sales from the Iran war following a record year.

The group posted a 40% increase in adjusted operating profit to £219m for the year to the end of December (FY 2024: £157m).

It has seen a 40% increase in forward sales for the current financial year to £635m (FY 2024: £455m).

Its performance last year was boost by the integration of St Modwen Homes, investment in land and expansion of the group’s multi-tenure model.

Markets are expecting higher inflation and interest rates if the war is prolonged, and some mortgage providers have already increased borrowing charges.

Miller chief executive Stewart Lynes said: “We are monitoring the economic effects of the Middle East conflict.

“Our digital sales and marketing system provides granular lead indicators, which to date show no adverse impact, and we stand ready to respond swiftly should conditions change.”

He described 2025 as a “milestone” year, adding: “We achieved significant, profitable volume growth despite the macro‑economic backdrop, driven by the successful acquisition of St Modwen Homes in January and the benefit of sustained organic land investment.

“The St Modwen Homes acquisition introduced a second private brand to our portfolio, providing us with four routes to market, and expanded both our consented and strategic landbanks. Achieving a five-star rating from HBF for the 14th time in 15 years further demonstrates our strong and consistent focus on delivering for our customers.

“We are well‑positioned to deliver further profitable growth as we progress towards our 7,000 homes target supported by our enlarged landbank and multi‑tenure approach.”

Highlights

29% increase in completions to 4,931 (FY 2024: 3,813)

34% increase in turnover to £1,425m (FY 2024: £1,060m)

40% increase in adjusted operating profit to £219m (FY 2024: £157m)

40% increase in forward sales for the current financial year to £635m (FY 2024: £455m)

7% increase in return on capital employed to 29.9% (FY 2024: 22.9%) 

0.6% increase in adjusted operating margin to 15.4% (FY 2024: 14.8%)

4% increase in average selling price to £295,500 (FY 2024: £282,900)

19% increase in our consented landbank to 16,329 plots (Dec 2024: 13,695)

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