Miller Homes - Land Bankers Of The Week

From their Intention To Float Announcement:

Distinctive regional exposure
• In the six months to 30 June 2014, core completions of: 257 units in the Midlands & South; 359 units in the North and 229 units in Scotland.
•Strategic land bank concentrated within chosen geographic locations to benefit from growth opportunities.

Clear strategy to increase margin and ROCE by enhancing quality of land bank and product mix
• completions from legacy land, as a percentage of core completions, are expected to continue to decline relative to completions on sites from new and strategic land (which typically produce higher margins).
• Growing consented land bank (30 June 2014: 8,987 plots).

Significant opportunity from large and well‑located strategic land bank
• Strong track record of delivering planning consents for strategic land bank sites.
• Strategic land bank of 16,553 plots on 56 separate sites held under options with an estimated gross development value (“GDV”) of £3.7 billion at 30 June 2014.
• Strategic land bank represents 8.9 years of supply at 30 June 2014.
• At 30 June 2014, 24% of the strategic land bank was located in the Midlands, 45% in the South of England, 25% in the North of England and 6% in Scotland.