Miller Group's housing arm back in profit
Building giant Miller Group has said all four of its divisions returned profits last year.
The Scottish-based firm's annual accounts showed its core housing business turned a £17m loss in 2010 into a £0.9m profit in 2011.
The company also has construction, property and mining arms.
Its group profit increased from £2.4m to £20.8m before exceptional items, with losses after taxation of £75.7m, down from £149.8m the previous year.
Miller's annual turnover also dipped by 11% to £588m, but Chief Executive Keith Miller said he was looking to the future with confidence.
He added: "This has been a year of substantial progress for the Miller Group, with all four divisions contributing to the success of the business.
"The group is now in a position to create significant new business and we are looking to the future with confidence."
He said the company had made an "excellent" start to the current year, and added: "In our homes business, reservation rates are 10% ahead of the equivalent period in 2011."
Miller Group, which is based in Edinburgh, completed a £160m re-finance package earlier this month.