Financial

Key performance highlights for Miller Homes Group Holdings plc during 2018 are as follows:

• 14% increase in total completions to 3,170 homes (2017: 2,775 homes)
• 4% increase in average selling price (ASP) to £249,000 (2017: £239,000)
• 15% increase in operating profit to £151.1m (2017: £131.1m)
• 70 basis point improvement in operating margin to 20.2% (2017: 19.5%)
• Return on underlying capital employed (ROCE) of 33.4% (2017:  33.0%)
• Free cash generated of £81.7m (2017: £75.4m)
• c3,900 plots acquired in last 12 months
• Forward sales at £292m and 6% ahead of last year

*Return on underlying capital employed represents 12 month annualised operating profit divided by the average of opening and closing capital employed, adjusted for non-operating deferred tax and shared equity interests