Our strategy
Our integrated Group strategy
The Group focuses on the following key financial and non-financial objectives to deliver profitable sustainable growth
Description
Acquiring sufficient land – at the appropriate margins and on the right payment terms – is vitally important to supporting the Group’s aspirations for profitable and sustainable growth. A key component of the Group’s wider aim is strategic land, which provides the opportunity to acquire land at higher margins through option agreements, without being obliged to purchase.
Performance
The owned landbank increased by 14% to 13,969 plots (2024: 12,219 plots) through a combination of acquiring 20 sites (3,216 plots) and the St. Modwen Homes acquisition which added a further 3,290 plots across 18 sites. This resulted in 6,506 plots being added to the owned landbank, which is a record for the business. In addition, two new joint ventures were established during the year. The joint venture landbank increased to 886 plots (2024: 759 plots) across three different joint ventures and in total results in an owned landbank of 14,851 plots. Expressed as a multiple to current year completions, we have 3.0 years’ land supply. This is lower than last year’s 3.4 times but within our previous guidance of 3.0-3.5 times.
The St. Modwen Homes acquisition also included access to a well-located strategic landbank, which resulted in the strategic landbank increasing to 50,655 plots (2024: 43,317 plots).
* As at the end of December 2025
Looking ahead
We plan to maintain an owned landbank of 3.0-3.5 times current year output. This is supplemented by a large strategic landbank with 20 planning applications due to be submitted in 2026 as we seek to take advantage of an improving planning landscape. There are 112 sites in the owned landbank at the end of 2025, with plans to increase this to 125 by the end of 2026 through further investment during the year.
Description
The Group focuses on providing high-quality homes that our customers can personalise to meet their needs, within sustainable and enduring communities. At the same time, we interact with customers in a variety of ways to suit their preferences in an increasingly digital world.
Performance
Our quality and customer services metrics are independently assessed through the National House Building Council (NHBC) Construction Quality Reviews (CQR) and Home Builders Federation (HBF) Customer Satisfaction scores. All measures continued to improve, which reflects our ambition to provide the best in quality and customer experience. The CQR score increased to 4.9 (2024: 4.7) and the new HBF 5 star satisfaction measure across both the eight-week and nine-month surveys increased to 4.32 (2024: 4.18), ahead of the threshold of 4.15 for 5-star status.
Significant activity was also undertaken to design a new St. Modwen Homes website, ensuring those customers enjoy the same digital and face-to-face journeys as Miller Homes.
The website launch also enabled the integration of our CRM systems in September 2025. Staff from St. Modwen Homes were retained, keeping continuity for the customers who were purchasers before the acquisition. The careful management of the customer journey during this time ensured that customers felt little change and sales performance was not affected. Our private sales rate per site per week was 0.64, largely unchanged on last year’s 0.65.
Our ability to allow customers to select their home online continues to be well received, with 46% (2024: 51%) of 2025 private reservations initially made online for Miller Homes, and this functionality was also made available to customers of St. Modwen Homes in the latter half of the year.
* As at the end of December 2025
Looking ahead
Looking ahead to 2026, we will continue to place customers at the centre, strengthening the consistency of customer experience across the enlarged Group, further improving build quality and aftercare, and using customer insight to continue improvement and engagement throughout the entire customer journey.
Description
We focus on creating a better place for all our people, by offering attractive health and wellbeing initiatives, putting safety first, being open and inclusive, and by helping people realise their full potential through training and development opportunities.
Performance
2025 saw significant investment in our people, resulting in a 19% increase in headcount, while the number of days of training per person was maintained at 4.1 days (2024: 4.1). We also built upon the momentum of our Early Talent programme with a further 30 entrants in the year, 42% of whom are female. In total, 5% of our workforce is now part of this scheme. We retained Investors in People accreditation at Platinum level, which we have held now since 2022, one of a select group of companies to do so.
We encourage our employees to take time to consider their financial futures, hosting live online sessions with pensions experts, and making resources available so our employees can become more pension-savvy. We continued to expand access to expert-led wellbeing resources through our partnership with Aviva. The Aviva Webinar Hub, offering flexible access to expert advice, provided our employees with an ever-growing library of live and on-demand sessions, covering topics such as child mental health, neurodiversity in the workplace, menopause, men’s mental health, cancer, stress and resilience.
In 2025, we became an official Company Supporter of The Lighthouse Charity, an organisation that offers 24/7 holistic support to the construction industry. This partnership broadened the support available to our employees, including access to virtual courses, e-learning modules, and tailored training for managers and our 63 Mental Health First Aiders. In addition, we introduced Make It Visible site visits, bringing practical mental health awareness directly to our frontline construction teams.
* As at the end of December 2025
Looking ahead
We will continue to conduct employee engagement surveys every two years, with the next survey scheduled for 2026, and we will use the results to inform plans for our people agenda and to make continual improvements. We will continue to focus on developing our people, strengthening our culture and making a positive social impact.
Description
Our strategy is to operate a diversified multi-tenure sales model in mid-market regional locations to ensure the business is less susceptible to significant market movements. We aim to grow the business in a considered way, such that we can support organic growth by generating free cashflow, with targeted free cashflow of 50% of EBITDA over the medium term.
Performance
We further diversified our sales channels during the year, increasing partnership volumes by 24% and adding a second private brand in St. Modwen Homes. This not only underpins our sales strategy but also facilitates our land acquisition strategy by enabling larger site purchases to be considered without impacting our financial metrics. Our overall rate of sale in 2025 (inclusive of partnership and affordable homes) was 1.18 (2024: 1.06), which demonstrates the growth in output per site and alignment to the UK Government’s aspiration to achieve its 300,000 annual target.
Free cashflow of £153m (2024: £137m) was generated, representing 68% (2024: 85%) of EBITDA, which is down on last year as a result of the £65m initial tranche of the St. Modwen Homes purchase consideration. Nonethless, our year-end cash balance was £232m. It will need to remain at an elevated level to enable the second and final tranche of the £111m deferred consideration for the St. Modwen Homes acquisition to be settled in July 2027.
* As at the end of December 2025
Looking ahead
We have the opportunity to continue to grow volumes from our existing 11 region footprint, which has an annual capacity of 7,000 homes, significantly higher than our 2025 volume of 4,931 homes. This will be executed in a careful and considered manner, with reference to both market demand and our land acquisition hurdle rates of 22% gross margin and 25% ROCE.
