logo-loader

Miller Homes shelves plans for London listing

Published: 08:19 03 Oct 2014 BST

construction350_542e4e99a0f47

Builder Miller Homes announced plans for a London float have been pulled due to recent volatility in the financial markets.

In a brief statement this morning, the company said shareholders at parent firm Miller Group had "elected not to proceed at this time with a public offering of Miller Homes". 

Last week, the firm unveiled plans to raise £140mln via the London listing, which would have been likely to value the business at around £450mln.

Chris Endsor, chief executive of Miller Homes, had said the group's deep knowledge of the regions in which it operated, together with a large and well-located strategic land bank positioned it to drive strong and sustainable growth and to benefit from the continued recovery in these regional markets. 

"It is an excellent time to be operating in the housebuilding sector, with demand for new housing continuing to grow supported by improving macroeconomic conditions and mortgage market and a more favourable planning environment."

The business does not have any exposure to the London market but is a top ten national housebuilder by volume of completions, in particular in central Southern England, the Midlands, the North of England and central Scotland.

Revenue in  the first half of this year was  £173.6mln, up from £123.3mln in 2013, while underlying operating profits more than trebled to £19.4mln.

Completions in 2013 were 1,684 with an average selling price of £181,000 while the first six months of this year saw completions at 845 with prices up to £198,000.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

1 hour, 12 minutes ago