Historic Scottish housebuilder Miller hails record year and updates on Middle East crisis

Miller Homes, the historic Edinburgh-founded housebuilder, said it has seen “no adverse impact” from the Middle East conflict as it hailed a record full-year performance.

The group, which was founded in 1934 and ranks as the UK’s sixth largest housebuilder, said the past year’s strong trading had been driven by the successful integration of St Modwen Homes, continued investment in land and the expansion of the group’s “multi‑tenure model”.

Among the highlights of 2025 was a 29 per cent increase in home completions to 4,931. Turnover jumped by 34 per cent to just over £1.42 billion, boosted by the St Modwen Homes deal.

Stewart Lynes, chief executive of Miller Homes.

There was a 40 per cent hike in adjusted operating profit to £219 million, while forward sales for the current financial year amount to £635m - also an increase of 40 per cent. The average selling price of a Miller property rose by 4 per cent to £295,500.

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.”

He added: “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.”

The results cover the full year to the end of December 2025. They also reveal a 0.6 per cent increase in adjusted operating margin to 15.4 per cent.

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