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Miller Construction made £6.2M loss prior to Galliford sale

Miller Construction posted a pre-tax loss of £6.2M for the first half of 2014, prior to its acquisition by Galliford Try last month.

Miller Group said the loss reflected “continuing delays on a limited number of historic contracts that had been procured competitively on the basis of price”.

Galliford bought the troubled contractor for £16.6M on 10 July.

Miller also made a loss of £4M on turnover of £409M for the year to December 2013.

Galliford identified £7M a year of cost synergies from the acquisition, which it expects will take place over the next year.

The Miller Group – which now comprises only housing, development, and mining – reported revenue of £206.9M for the first half of 2014 (H1 2013: £168.2M) and profit before tax of £8.3M (H1 2013: £4M).

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