The Miller Group has reported a 57% increase in its pre-tax profits.

In its latest results for the year to 31 December 2013, the Edinburgh-based housing firm said the news comes amid an "improving" market.

In 2013, the company made £10.4m – an increase from £6.6m the previous year.

There was a "significant improvement" in the groups' home division in the second half of 2013, with private reservations said to have increased by 23%. In a statement, Miller Group added that a "significant improvement" in the market had been strengthened by the introduction of the Government's Help to Buy scheme, as well as the increasing availability of higher loan-to-value mortgages.


However, it also warned that the need "for further reform of planning processes in order to increase historically low levels of new starts remains a hotly contested issue."

The report revealed the firm's average selling price increased 6.5% to £181,000 and said more rises could be on the way. Elsewhere, Miller Group significantly stepped up its land-buying with £92m committed in 2013, compared with just £56m in 2012.

There was a loss of £4.6m reported by the group's construction division. It explained that it reflected "losses on a limited number of contracts that had been procured competitively on the basis of price."

On this basis, Miller said it no longer tended for projects.

Keith Miller, CBE Chief Executive, said: "All our businesses are now well positioned to take full advantage of improving market conditions.

"Miller Homes continues to benefit from increased demand, improving selling prices and a balanced sales mix, and is delivering increasing margins.

"The Board is confident that Group performance coupled with our strong financial base means we will continue to generate further value. This is a strong set of results which provides an excellent base from which to plan the next stage of Miller Group's development."

(JP/IT)