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Housing and property group Miller Group has posted a three-fold increase in pre-tax profit for 2014, despite charging 拢12.6m for the 鈥渆stimated future cost鈥� of long-term incentive plans for its directors and senior executives.

Miller posted 拢34.6m pre-tax profit for the 2014 calendar year, up from 拢10.4m the previous year.

The group benefitted from a net gain of 拢8.8m on the sale of its construction arm, Miller Construction, to Galliford Try last July, representing a 拢15m gain on the 拢16.6m sale of the business offset by 拢6.2m of operating losses in the seven months of trading prior to the sale.

Miller鈥檚 continuing operations - its housing, property and mining businesses - posted a 拢29.9m operating profit for 2014, up from 拢22.1m the previous year. Continuing revenue stood at 拢484.4m, up from 拢408.6m.

The group was boosted by strong performance in its housebuilding business Miller Homes, which now accounts for the lion鈥檚 share of its profit and revenue. Miller Homes鈥� profit before interest more than doubled to 拢47.9m in 2014, up from 拢22.8m, while its revenue grew to 拢391.9m, up from 拢330m.

Housing completions were up 12% to 1,918 homes, up from 1,707 homes, with Miller Homes adding that it is targeting expanding annual completions to 2,750-3,000 homes 鈥渋n the medium term鈥�.

Miller Homes said it made a strong start to 2015, with private reservations to date up 18% on last year, and the division was 鈥渨ell positioned鈥� to improve margins and take advantage of 鈥渃ontinued economic growth alongside the combined effects of help to buy, mortgate market review, stamp dute reforms and a disciplined land market鈥�.

The Miller Group鈥檚 拢12.6m charge in 2014 for the estimated future cost of long-term incentive plans for its directors and senior executives compared to a zero charge for this in 2013, Miller Group said.

A Miller Group spokesperson said the firm 鈥渉as a number of long term incentive schemes in place which reward senior employees and directors for performance over a period of greater than one year鈥� and the potential pay-outs depended on 鈥渁 number of factors, including the value of the group鈥�.

Miller Group also incurred 拢5.5m of restructuring costs over the period, which included the undisclosed cost of the proposed float on the London stock exchange of Miller Homes. However, the firm chalked up a 拢4m exceptional gain through land and property write-backs.

Keith Miller (pictured), chief executive of Miller Group until March 2015, when he stepped down, said: 鈥淢iller Homes delivered a strong performance in 2014 benefiting particularly from continued improvements in the housing market. The business achieved significant growth in operating margins and return on capital driven by higher volumes and the increased contribution from newly acquired sites.

鈥淢iller Homes also made an encouraging start to 2015. Private reservations to date are 18% higher than the prior year. Land supply and housing demand across our regional markets remain healthy. We are focused on the delivery of increased margins and an enhanced return on capital. This is being achieved by a disciplined approach to land investment, growing volumes with limited additional overheads and increasing the conversion of strategic land. Our target is to deliver annual completions of 2,750-3,000 units in the medium term.

鈥淚n the rest of the Group, Miller Developments experienced strong occupier and investor demand on its key long-term developments whilst Miller Mining continued to deliver profits and positive cash flow in a difficult market.鈥�