Miller Group saw annual profits fall as it faced the 'most difficult short-term market conditions in over a decade'. Financial Times
The UK’s largest privately owned house building, property development and construction group said pre-tax profits fell 7% to £81.2m last year, mainly because of increased interest costs. Turnover rose 10% to £1.23bn.
The group, which this week announced that Bank of Scotland Corporate had taken a minority stake, said the second half of the year was tougher than expected, with housing reservations in the period 29 per cent down on 2006.