A 29% rise in completions, 34% increase in turnover and 75% leap in pre-tax profit for Miller Homes in the year to 31st December 2025 was driven by the acquisition of St Modwen Homes, completed in February that year.
Turnover rose to £1,425m (2024: £1,060m) on the back of 4,931 completions (2024: 3,813). With a consented landbank of 16,329 plots, Miller Homes is now targeting 7,000 completions a year.
Pre-tax profit for 2025 was £124.1m (2024: £71.1m). Adjusted operating profit was £219m (2024: £157m).
Miller Homes, owned by Apollo Global Management, paid a reported £215m to buy St Modwen Homes from private equity investor Blackstone.
Chief executive Stewart Lynes said: “2025 was a milestone year for Miller Homes, and I am delighted to report strong results that reflect the effectiveness of our growth strategy and disciplined operational execution.
“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.
“Looking ahead, following this transformative year, 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. Externally, 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.”
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