UK house builder Miller Group said on Wednesday that group profit before tax dropped 7% in 2007 to £81.2mln, due to lower housing volumes, higher average borrowings and increased debt charges. This resulted in the interest cost being 15% higher than last year, Miller said in a statement. In the second half of 2007, the group reported a year-on-year drop in profit of 29% as Miller 'was facing the most difficult short-term market conditions in over a decade'. Miller, which is active in three areas - construction, housing and property - said its property activities outperformed the other two businesses and delivered an 'excellent' performance in 2007 with a 27% increase in operating profits to £36mln.
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