Miller turnover and profit up after St Modwen Homes acquisition

Miller Homes has increased its pre-tax profit by 75% following the acquisition of St Modwen Homes in February 2025.

The Scottish housebuilder has today said its pre-tax profit for the year to 31 December 2025 was £124.1m, up from £71.1m the previous year. Its operating profit rose from £156.4m to £219.4m.

The group, in an update based on audited figures, said the increase in profit was driven by a 29% increase in completions following the acquisition of St Modwen. It completed 4,931 homes in the year, up from 3,813. The group’s core average selling price rose from £283,000 to £296,000 and it maintained its gross margin of 21.6%.

Miller’s overall turnover rose 34% to £1.4bn. This means it is now the seventh largest housebuilder by turnover, up from 10^th, based on last year’s Top 50 Housebuilders table published by Housing Today. On a like-for-like basis, excluding the impact of St Modwen activity, Miller’s turnover increased 13%.

Stewart Lynes, chief executive of Miller Homes, 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.

“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.”

Miller’s full, audited results are expected to be published on Companies House in the summer.