Miller Homes

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Strategy

We updated our strategic plan during 2015.  Our 2017 targets are 18% operating margin and 25% ROCE.  In addition our plan is to deliver upper quartile EBITA growth between 2015 and 2017 and increase annual output incrementally to reach 3,250 units per annum by 2019.

The key aspects of our updated strategic plan, which covers the period through to 2019, are:

Target 50% growth in output by 2019 from current level of 2,153 to 3,250, delivered through incremental growth in annual completions across each of our existing divisional businesses.

Core Completions

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Maintain focus on existing regional footprint. The advantages of a regional approach are:

  • Less competitive land market
  • Reduced subcontractor cost pressures and availability issues
  • More favourable planning environment

Overheads (% of revenue)

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Maintain disciplined and selective approach to site acquisitions, optimising margins and capital efficiency.

Owned Landbank Embedded Margin (%)

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