St Modwen reveals pre-tax loss of £213m in final accounts before acquisition by Miller

St Modwen Homes made a pre-tax loss of £213m in the 16 months to 30 April 2025, it has revealed.

The housebuilder, which was acquired by Miller Homes in February 2025, yesterday published its accounts showing it generated turnover of £285.3m in the 16-month period, compared with £239.3m for the previous 12 months.

It made a pre-tax loss of £213.6m and an operating loss of £211.1m. The group incurred a £175.3m exceptional charge due to stock and projects being valued at less than book value when the group’s assets were transferred over to Miller Homes Limited on 30^th April 2025.

St Modwen said this was due to “low embedded margin in the owned land bank”.

The firm completed 890 homes in the 16 months, compared with 778 in the previous 12-month period.

In an update last month Miller Homes said it increased its pre-tax profit by 75% following the acquisition of St Modwen Homes. 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.

St Modwen placed 21^st in Housing Today’s 2025 Top 50 Housebuilders list, which ranks firms by turnover.