One of the biggest building companies in Scotland returned to profit in the last year, following significant losses in 2011.
Miller Group, which is based in Edinburgh, posted a pre-tax profit of £6.6million in the year. It follows a loss of over £30million in the previous twelve months.
The firm recorded a group profit of £29.2million, 40 per cent ahead of the 2011 figure of £20.8million. Revenue rose to £619.9million, an increase of over £32million, and it announced it had a robust balance sheet, with net assets amounting to £236.5million.
Assets are increasingly becoming important to operational activity in Scotland, whilst instances of invoice lending is also on the increase. Edinburgh factoring companies are key to this, helping firms find more practical ways of raising cash flow than incurring greater debt.
Miller Group itself significantly refinanced in February of last year, which included a £160million new equity deal.
Whilst the profits are positive on many levels, not least for the UK construction industry as a whole, the chief executive of Miller Group was eager to play down the results.
Claiming the firm’s 2012 performance was “very good” rather than “spectacular”, Keith Miller said:
“It’s been a good year – we’ve moved forward very positively across all four of our businesses and we’ve got a very good platform on which to build going forward.”
As well as its three divisions in the building industry; construction, housing and property, the group also has a mining division. Partner in the Ffos-y-fran coal mine in South Wales, the site still has over seven million tonnes of reserves to extract.