Record full year results underscore success of Miller Homes’ growth strategy
Miller Homes, the UK’s 6th largest housebuilder and largest private housebuilder, has published full-year results for the year ended 31 December 2025, delivering a record year for the business. Performance was driven by the successful integration of St. Modwen Homes, continued investment in land and the expansion of the Group’s multi‑tenure model. The business achieved significant growth across all key metrics, demonstrating the effectiveness of its long‑term strategy and strengthening its platform for future expansion. Highlights Commenting on the results, Chief Executive, Stewart Lynes, said: “2025 was a milestone year for Miller Homes, and I am delighted to report strong results that reflect the effectiveness of our growth strategy and disciplined operational execution. “We achieved significant, profitable volume growth despite the macro‑economic backdrop, driven by the successful acquisition of St. Modwen Homes in January and the benefit of sustained organic land investment. “The St. Modwen Homes acquisition introduced a second private brand to our portfolio, providing us with four routes to market, and expanded both our consented and strategic landbanks. Achieving a five-star rating from HBF for the 14th time in 15 years further demonstrates our strong and consistent focus on delivering for our customers. “Looking ahead, following this transformative year, we are well‑positioned to deliver further profitable growth as we progress towards our 7,000 homes target supported by our enlarged landbank and multi‑tenure approach. Externally, we are monitoring the economic effects of the Middle East conflict. Our digital sales and marketing system provides granular lead indicators, which to date show no adverse impact, and we stand ready to respond swiftly should conditions change.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Balfour Beatty VINCI prepares to launch second HS2 viaduct over the M6
Balfour Beatty VINCI, HS2’s construction partner in the West Midlands, is preparing to launch the second viaduct over the M6, marking another major milestone in the delivery of the UK’s highspeed rail network. Engineers are gearing up to move the west deck of the M6 South viaduct, which is currently being assembled in four sections near Chelmsley Wood. The first 107metre section will be slid into position over the M6 junction 4 southbound slip road , using a specialist hydraulic jack to manoeuvre the 1,250tonne weathering steel structure across 102 metres onto its concrete piers. Once installed, the west deck will sit parallel to the 320metre east deck, which was safely launched over the M6 in three stages in 2025. The final phase of that installation was a UKfirst, completed while traffic continued to flow beneath the structure thanks to close collaboration between HS2 and National Highways. Russel Luckhurt, Civil Engineer at Balfour Beatty VINCI said: “Building on the success of installing the East deck viaduct last year, we’re gearing up for the first launch of the neighbouring West deck in April. “We’re using the same sliding technique, where a giant hydraulic jack will push the viaduct across the motorway in multiple stages throughout the year. The previous launches provided the team with invaluable experience, which they’re eager to apply to future works on this eye-catching structure spanning the M6.” The west deck has required an additional assembly stage compared with the east deck. Space constraints, the staggered positioning of the abutments, and the curve of the adjacent loop road have created a shorter launch platform, meaning the structure must be built in four smaller sections before sliding into place. Commenting on progress, Ian Clarke, HS2 Ltd’s Project Manager for the M6 works, said: “After safely completing the first viaduct on time, our engineers have wasted no time in forging ahead with the second installation. Thanks to the world‑class engineering techniques we’re adopting on HS2, we’ve once again been able to reduce the number of temporary closures on the motorway while we carry out these essential works.” Once complete, the twin 320‑metre viaducts will carry HS2 trains over one of the busiest parts of the motorway network, improving capacity and connectivity between Birmingham and London. The launch represents another significant achievement for Balfour Beatty VINCI as it continues to deliver major civil engineering works across the West Midlands section of HS2. Building, Design & Construction Magazine | The Choice of Industry Professionals
From Sheds to Systems: Fit-Out Is the New Frontier in UK Logistics
The UK’s industrial and logistics sector is entering a new era of complexity, driven by automation, labour market pressures, sustainability requirements, planning delays and shifting land values. Yet amid this transformation, KAM, part of Contollo Group, says one truth remains constant: while the base build of a warehouse may appear straightforward, the fit-out is where the real complexity lies. “On the surface, a warehouse can look like a fairly simple construction project,” Contollo Group Director Scott Price says. “But once you introduce automation, temperature control, manufacturing processes or robotics, the building becomes a high-performance machine. The fit-out is where projects succeed or unnecessary compromises have to be made” The industrial sector has historically been the quiet workhorse of the retail economy. Today, it sits at the forefront of retail success, driven by the relentless rise of eCommerce and the need for faster, more resilient supply chains with automated distribution centres being integral. Yet Price warns that many projects still treat automation as an afterthought. Integrating automation into a building that is already well into the design process and programme – or worse, already under construction – creates a level of complexity that cannot be underestimated. Speaking as Contollo Group expands its industrial and manufacturing portfolio across the UK, Price comments: “We’re now in a phase where warehouse automation isn’t a ‘nice to have’ – it’s becoming the backbone of logistics resilience. The only sustainable response is to design buildings and automation systems as one integrated ecosystem from the very start.” Price warns that the biggest operational risks arise long before a shovel hits the ground. “Developer base build specs and automation contractor requirements rarely align without challenge. For example, floor slab tolerances, deformation limits, shrinkage expectations and pattern loading are not small technicalities. If they’re accepted at face value, they can add millions to a project or introduce risks that only surface once the system is live.” He argues that logistics operators who treat early-stage design as a strategic investment, not a procedural step, will be the ones who stay competitive. “The winners will be those who interrogate every clause, negotiate every interface, and bring specialist project managers into the process early. Warehousing has become a strategic engine for speed, resilience and competitive advantage. You can’t afford to get the fundamentals wrong.” That mindset becomes even more critical when planning for future expansion. As eCommerce reshapes operational models, internal volume is becoming as valuable as footprint. Traditional ground-level operations are giving way to mezzanines, pick towers and multi-level fulfilment environments, but Price notes that the real challenge is balancing day-one cost with long-term flexibility. Designing for future floor slab loads, or incorporating additional steel into structural mezzanines for future vertical expansion, can avoid costly disruption later. “Futureproofing isn’t about overbuilding, it’s about making smart decisions that keep options open without inflating the base build unnecessarily.” Electrical design presents another hidden pressure point. Automation firms often have not finalised their electrical requirements when the base build specification is being agreed, meaning the eventual load can far exceed the developer’s standard offer. Price says this is where specialist engineering input becomes essential. “Automation load calculations are frequently conservative because diversity isn’t applied. Without challenge, you end up designing for every motor starting simultaneously, which is unrealistic and expensive.” Sprinkler design and insurer engagement add further layers of complexity. Automation equipment rarely conforms to standard design details, and densely packed systems, such as multi-shuttle installations, require detailed coordination to agree acceptable fire protection strategies. Price stresses that insurers must be brought in early. “If you wait until procurement to engage insurers, you’ve already lost time. Early coordination on principles and approval pathways avoids redesign, delay and unnecessary cost.” Health and safety responsibilities also evolve as automation becomes more sophisticated. Under CDM Regulations, a Principal Designer must be appointed not only for the building works but also for the automation installation. Price advises: “Segregating the site into defined zones can reduce risk and improve control.” Ultimately, Price says, the success of any logistics project hinges on programme cohesion. New builds and retrofits alike depend on multiple interlocking timelines, each with its own milestones and data requirements. “If these programmes aren’t synced from the outset, delays and cost escalation become almost inevitable.” “Warehouses of the future will be industrial hubs, energy generators and data-rich environments,” Price says. “They must be designed for long-term productivity, not just short-term occupation.” Price emphasises that the winners in this new landscape will be those who align building design, automation strategy and commercial negotiations from day one. “Fit-out is no longer a technical exercise – it’s a strategic investment. Organisations that recognise this early, and who bring the right expertise to the table, will be the ones who deliver resilient, efficient and future-ready logistics assets.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Panattoni strengthens UK platform with nine senior appointments
Panattoni, the world’s largest privately owned industrial real estate developer, has made nine senior appointments across its UK development, project delivery and investment and finance teams, as the business continues to scale its acquisition and development programme. The appointments, which bring talent from CBRE, Savills, PwC, Chancerygate, Knight Frank, Boreal IM, Montagu Evans and Interpath Advisory, reflect the depth of Panattoni’s current UK pipeline and its confidence in continuing to invest in its people at a time when many across the sector are consolidating their workforces. Last year the company acquired 11 sites, secured 250 acres of land adding five million sq ft to its development pipeline, as well as leasing 2.5 million sq ft of space. That momentum has continued into 2026, with four lease transactions already signed in the first quarter. Development Three appointments have been made across Panattoni’s UK development platform, covering Southern England, London and the North. Alex Selwood joins as Associate Director from CBRE, where he was a Director advising industrial occupiers on their property acquisitions. Based within the Southern England and London team, he will focus on new site acquisitions and leasing activity. Chris Brown joins as Development Director from Chancerygate, where he was focusing on acquisitions in the North of England. He will help lead the expansion of Panattoni’s acquisition and leasing activity across its Northern portfolio. Will Fennell joins as Development Manager, South East and London, from Montagu Evans, where he was an Associate, and will work closely with occupiers on leasing while supporting speculative development across the region. Oliver Bertram, Head of Development (UK) at Panattoni, said: “The scale of our UK pipeline demands a development team with the depth and range to execute across multiple regions simultaneously. Alex, Will and Chris each bring a level of experience and market knowledge that will directly support our ability to move quickly on acquisitions and maintain leasing momentum. The breadth of their backgrounds, from occupier advisory to speculative development, reflects the range of what we are building at Panattoni.” Chris Brown, Panattoni new hire as Development Director, said: “I’m delighted to be joining Panattoni at such an exciting point in its growth. The momentum the business has built over the past few years has been remarkable, establishing itself as the most active industrial developer in the UK and a market leader across multiple regions. It’s a great platform to be part of, and I’m looking forward to contributing to the continued expansion of the Northern portfolio. Project Delivery Three appointments have been made to Panattoni’s Southern Project Management Team. Phil Beato joins as Project Delivery Director, having previously managed development and repositioning projects across Europe at Boreal IM. Tom Bird joins in the same role from Savills, where he was a Project Management Director. Chris Thrippleton joins as Senior Project Manager from Chancerygate, where he focused on project management for industrial developments. Ian Anderson, Head of Project Management at Panattoni, said: “Delivering at the pace our pipeline now requires means having the right people embedded at every stage of the process, from initial due diligence through to handover. Phil, Tom and Chris strengthen our capacity to do exactly that. Between them they bring experience across complex European development programmes, major project management mandates and industrial delivery at scale, and I am looking forward to what we will achieve together.” Phil Beato, Project Delivery Director, said: “It’s great to join Panattoni and gain a deeper understanding of the development platform from within such a well-respected global business. The scale, quality and ambition of the pipeline is clear to see, and it’s an exciting time to come on board. Having delivered development and repositioning projects across Europe, I’m looking forward to bringing that experience to the team and supporting the next phase of the company’s growth across the UK.” Capital Markets Panattoni has also bolstered its UK capital markets team against a backdrop of renewed investor appetite and activity across the sector. Phoebe Burdett has joined as Capital Markets Analyst from Knight Frank’s London Capital Markets team and will play a central role in capital formation, supporting investor relations and transaction management across the platform. Investment and Finance Two appointments have been made to Panattoni’s finance and investment team, strengthening its capacity to enhance financial structuring, execution and managing an increasingly active development programme. Garrick Pepper joins as Associate Director, Investment and Finance, from PwC, where he led advisory work across M&A and corporate finance transactions. Garrick is an active contributor to the UK property industry and serves on the British Property Federation’s Logistics Committee and Futures Advisory Board. Zachary Atkinson joins as Associate, Investment and Finance, from Interpath Advisory, where he was a Manager in M&A, having previously worked at KPMG. Oliver Choppin, Finance Director at Panattoni, said: “We are delighted to welcome Garrick and Zachary to the team to deepen and broaden our finance and investment function. Their appointments significantly strengthen our capabilities across transaction management, capital deployment and financial operations, ensuring we are well positioned to support the continued growth of the business. As our pipeline continues to expand, building out a best-in-class finance team is critical. These hires reflect our long-term commitment to disciplined growth, strong governance and delivering value for our investors and partners.” Building, Design & Construction Magazine | The Choice of Industry Professionals
NFRC Celebrates Government’s Move to Ban Retentions and Overhaul Payment Law
NFRC (National Federation of Roofing Contractors) welcomes a landmark government announcement that will prohibit the use of retentions in construction contracts and deliver sweeping reforms to payment legislation. The announcement represents the most significant overhaul of the UK’s payment regime in over 25 years and will help to address the cash flow crisis that has long crippled NFRC members and other specialist contractors across the construction industry. NFRC Group CEO James Talman said, “This outcome is one our industry has been campaigning for years to achieve. “ “For too long, specialist contractors have been forced to operate under a system that allowed larger firms to withhold their money, delay payment, and use their cash as free working capital. “Today, the Government has shown that it has listened, and we could not be more pleased.” The measures will be subject to a two-year implementation period, and dependent on the parliamentary timetable. This gives industry time to prepare, while providing a clear and firm direction of travel. NFRC will work with our Members and government during this transition period to ensure the incoming legislation is appropriate and effective. We will also continue to advocate on behalf of Members who are exploited by the current laws, which are now conclusively recognised to be unfair. YEARS OF WORK, FINALLY REWARDED NFRC has been advocating for reform of payment practices and the abolition of retentions for nearly a decade. In 2021, NFRC estimated that £300 million of roofing and cladding subcontractors’ cash was held in retention at any one time. In 2023, 86% of NFRC Members reported difficulties recovering retention payments on local authority contracts. And in 2025, 80% of contractor Members said retentions were still affecting their business. NFRC has taken every opportunity possible to advertise these facts and advocate for reform. “Our Members are passionate about this issue, not just because it affects their bottom line, but because it affects their people, their livelihoods, and their ability to grow and deliver for the UK,” said Talman. “The hours our team and our Members have put into this consultation speak for themselves.” The UK has a critical need for housebuilding, retrofit, clean energy infrastructure, and public sector construction. None of these issues will be adequately tackled if the specialist contractors at the coal face are being strangled by cash flow problems. CREDIT WHERE DUE NFRC wishes to acknowledge the Department for Business and Trade for bringing these proposals forward with seriousness and urgency. The consultation process was well-designed, accessible, and genuinely engaged with industry. The government has listened to the evidence industry presented and acted on it. “We are grateful to the Department for Business and Trade for the rigour and openness they have brought to this process,” said Talman. “Good consultation deserves recognition, and today’s announcement is evidence of what happens when industry engages and government listens. “We also want to acknowledge the many industry partners, trade bodies, and our own Members who contributed to this collective effort. Special thanks to the CLC taskforce on this important topic headed by Steve Bratt.” The government has confirmed it will proceed with many of the measures proposed in the consultation, including: – Removing the ability to contract out of the statutory charge of 8% interest on late payment. – Boards or audit committees of persistently late-paying large companies will be required to publish explanations for poor payment performance and the actions they are taking to address it. – Banning retention clauses. Building, Design & Construction Magazine | The Choice of Industry Professionals
The £530 Billion Construction Pipeline: Navigating Cost Pressures in a Growing Market
Expert Insight by Christian Rowe The government’s Infrastructure Pipeline sets out 780 projects worth £530 billion over the next ten years, covering transport, energy, education and healthcare. For UK construction firms, this represents a significant pipeline of opportunity. However, the sector recorded more insolvencies than any other UK industry in 2025, with almost 4,000 firms collapsing. This contrast highlights a critical point: a strong pipeline does not guarantee commercial viability. With construction costs forecast to rise by 15 per cent over the next five years and tender prices expected to increase alongside them, successful contractors will be those who balance opportunity with disciplined pricing and robust risk management. Experts at Executive Compass, a bid and tender writing specialist, examine how construction firms can evaluate opportunities and identify which contracts are commercially viable. Rising Costs are Eating into Every Tender The Building Cost Information Service (BCIS) forecasts construction costs to rise by 15 per cent over the next five years, with tender prices expected to follow at 16 per cent. Labour remains the primary pressure point, with employer National Insurance contributions and the National Living Wage driving the BCIS Labour Cost Index upwards. Skills shortages are compounding the issue, and demand from the booming data centre sector is adding further strain on mechanical and electrical contractors. While the volume of available work is growing, the cost of delivering it is growing faster. For firms operating on tight margins, this significantly reduces tolerance for error. The Hidden Danger of Bidding Too Aggressively “The sizeable pipeline is very positive for the sector, and the long-term visibility it provides is something the industry has needed for years,” said Christian Rowe, CEO at Executive Compass. “However, visibility alone does not make a contract viable. We are seeing firms bid aggressively to secure work, only to find that cost inflation erodes margin before delivery is complete.” The Procurement Act 2023 introduces greater accountability for contract performance. Suppliers that fail to meet required standards risk exclusion from future opportunities through the public debarment regime. “Bid/no-bid decisions need to be made objectively,” Rowe added. “That means assessing whether you have the cost base, workforce and supply chain resilience to deliver. It is not just about whether you can win.” How to Identify Genuine Commercial Opportunities in the Pipeline With £285 billion of the pipeline funded by the public sector, there is real work to be won. But Rowe urges construction businesses to apply a structured evaluation before committing resources to any tender, “Start by asking whether the contract aligns with your strategic direction and whether you have a genuine competitive advantage such as local presence, specialist skills or delivery track record.” “Then look hard at the risk profile,” adds Rowe. “If price weighting is high and you are competing against national contractors with greater buying power, you need to be realistic about whether you can compete without undercutting yourself into difficulty.” It’s also very important to gain an understanding of the full cost picture before submitting a price. “With tender prices forecast to climb and material costs subject to increasing volatility as infrastructure output grows, firms that price on today’s costs for contracts beginning in 12 to 18 months risk building in losses from day one,” warns Rowe. Seeking Support with Bid/No-Bid Decisions While the infrastructure pipeline brings the construction sector some much needed certainty, firms that use it wisely, with realistic cost forecasting, careful bid decisions and a solid delivery model, have a real opportunity to grow. But for those that chase volume of bids without checking whether their numbers stack up properly, it could mean more contracts ending in financial difficulty. “The pipeline gives the sector the roadmap it has been asking for,” advises Rowe. “The key is selecting the right opportunities, not simply pursuing more of them.” Specialist bid support can assist firms in evaluating opportunities and making informed bid/no-bid decisions, reducing exposure to commercial risk and improving long-term outcomes. Building, Design & Construction Magazine | The Choice of Industry Professionals