2009 Report & Summary Accounts
OUR 2009 PERFORMANCE
turnover
£409m £415m 3.4% £86.3m £87.3m orderbook
operating margin
cash in bank
Use of the Miller supply chain added a large value and allowed us to achieve some specifications and aesthetics that were previously out of reach... ... resulted in a building that has
exceeded our expectations.
Stoke 6th Form College: Alexa Woodward, BroadwayMalyan
Miller Corporate Holdings comprises all of The Miller Group Ltd’s construction and PPP activities, providing a full range of construction services from design and construction through to facilities management.
consolidated net assets
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Robin S Mackie 2009 was undoubtedly a difficult year for the construction market, but it was also a year which saw Miller Corporate Holdings deliver one of its best performances to date. Public and private spending have suffered as a result of the recession and the effect this has had on the industry has been two-fold. It has seen some of our competitors ‘buying’ work and a number calling in the administrators. We have not been unaffected and have restructured our business accordingly. However, due to our foresight and understanding of the marketplace, and by remaining true to our core values and partnering principles, we have delivered quality projects for our clients and in turn delivered benefits for us both. Our strategy for continued success is formed on our stream of positive forward workload prospects and will see us venture into new market areas. I am confident we will continue to grow in line with our vision for the business, delivering quality projects innovatively and safely whilst remaining true to our core values.
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CONTENTS
CHIEF EXECUTIVE’S REVIEW
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Chief Executive’s Review Business Review Strategy Corporate Responsibility 2009 Accounts
p1 p2 p4 p10 p11
01 500 Brook Drive, Reading 02 West Port, Edinburgh 03 Stamford Quarter, Altrincham 04 280 South Oak Way, Reading 05 Barking Town Centre 06 University of Brighton 07 North Leamington School Front Cover: 2 Orchards, Bracknell Back Cover: Caroline Orr, Graduate Bid Manager
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Turnover by Market Sector 4% Other 3% Health Local Government
9%
Retail
33%
Education
21%
30% Commercial
The business produced an
exceptional financial performance
for the year despite very challenging market conditions
Performance The business produced an exceptional financial performance for the year despite very challenging market conditions. Turnover was £409m, down 34% from 2008 but still our second highest ever. The business matches man power to workload and has restructured accordingly. This, and the focus on quality rather than quantity of turnover, produced record profitability with an industryleading operating profit of 3.4% and profit before tax of 5.1%. This result was achieved despite absorbing £1.4m of restructuring costs in the year. The current market conditions have resulted in us postponing the disposal of certain investment assets during the year. This will be reviewed when market conditions return and the investments can achieve optimal value. The potential profits from such disposals, together with the growth of our portfolio, remain available for future disposal.
We remain committed to improving our impact in the areas where we work and all of our sites are registered in the Considerate Constructors Scheme. In 2009 we received seven national awards including gold awards for Union Square Aberdeen, Malinslee Primary School, Telford and The Centre, Livingston. The business has remained consistently profitable year on year over the long term and held £86m in cash at the year end. The order book at the end of the year stood at £415m.
Health and Safety remains the number one priority in everything that we do and for all of our staff and partners. We are delighted to report a record performance in terms of health and safety, beating our 2009 target by 40%. Turnover and Profit Before Tax since 2000 700
Turnover (£m) PBT (£m)
20
600 15
500 400
10
300 5 200 100
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
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Markets The full impact of the recession was felt on the construction market during the year with a reduced volume of opportunities, particularly from the private sector. Activity levels picked up in the second half as both public and private sector appeared to call the bottom of the market in terms of construction pricing. Increased public sector volumes pointed to a desire to secure projects prior to the impending general election and some Keynesian spending by the Government. The lower volume of opportunities has led to ferocious competition, with competitors apparently bidding below cost in many instances. We have remained focused on our core values and have been successful in winning work with clients where the key criteria is “value for money” and “a value adding partnering approach” rather than first past the post at the lowest apparent bid cost. We remain a lean and efficient organisation which affords us a low cost base allowing us to focus on and win profitable work rather than having to chase turnover to contribute towards a high fixed cost base. Our mix of work has clearly moved towards the public sector which now accounts for 84% of our order book. Our average contract size was £18m.
01 Broad Quay, Bristol 02 Motherwell College
Our strategy is to be lean and remain profitable whilst aggressively pursuing new long term framework alliances and exploring new lines of business
Business Incubator During the year, a client approached our Facilities Management business asking for help with a vandalism problem. Our team researched the issue and identified a littleknown vandal-proof glazing product that was available from a small start-up business. Discussions with the owner led to a “Dragon’s Den” type meeting with our board. An alliance has been formed in which Miller provides a route to market for the product. Miller has installed the product in three trial sites and has made the first sale to Glasgow City Council, successfully protecting a school from vandalism and break-ins. We believe that there is a large market available for this excellent product which we will continue to develop.
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Strategy
Turnover by Type 2009 FM 1% PPP
14%
Core
Frameworks
69% 16%
Turnover by Type 2014 FM
14%
Core
31% PPP
23%
Our strategy encompasses our current core market sectors, new market sectors and new services. Our traditional core construction market sectors are currently very competitive, which has resulted in aggressive and unrealistic pricing by some, and are expected to remain so for the foreseeable future. As a private company with short chains of command and a low fixed cost base we are nimble, able to make very quick decisions and maximise opportunities. This also enables us to be selective about which projects to target. Our long term supply chain partnerships allow us to work closely with our supply chain to drive cost and waste out of projects, enabling us to compete effectively. We take great pride in our reputation as a partnering business. We are and will remain committed to this ethos throughout the recession and beyond.
With a very experienced and empowered management team, great relationships with repeat business clients and a positive approach to the current economic challenges, we will remain profitable and cash generative throughout the recession. Recession is a time of challenge but it is also a time for innovation and opportunity. We have put together a strategic business plan with an ambition to at least double the value of the business over the next five years. We will achieve this by creating a more sustainable and predictable business by developing a diverse blend of construction and annuity based business streams: • Securing more work through long term framework agreements • Securing at least 30% of our workload through projects in which we have a controlling interest • Investing in people that have the skills to deliver the vision
29% Frameworks
Our aim is to enter
new market sectors with an offering that is different from the established players
We have identified new framework opportunities that we will pursue either alone or in alliance, and a number of new market sectors that we will explore. Wherever appropriate, we will seek to form alliances with like-minded but complementary businesses which exploit the core strengths of both. Our aim is to enter new market sectors with an offering that is different from the established players. We will also extend the range of services provided within existing and new sectors. We are actively exploring opportunities within the following markets: • • • • • • • • • • • •
Ministry of Defence The Prison Service Social Housing Facilities Management Real Estate Management Services Procurement Services Environmental Consulting Extra Care Rail Student Accommodation Data Centres Waste
The business is committed to its ambition and the plan. All required investment costs have been budgeted into the business forecasts. We are excited and optimistic about the future.
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Client Management
Risk Management
It is our aim to delight our clients by exceeding their expectations on every project thereby building strong relationships and repeat business. Like health and safety, this is a key responsibility of every member of our staff.
The business fully recognises and accepts that it operates in a high risk environment both operationally and commercially. Recognition and management of risk are therefore integral to all of our activities. The cardinal rule is that we will not accept risk on a project which we cannot understand, price and manage.
During the year, we were delighted to achieve the successful handover of Union Square shopping centre in Aberdeen for Hammerson, on time and on budget. At ÂŁ120m, this was the largest single project we have completed to date. The opening day of Union Square attracted almost 60,000 visitors in its first eight hours of trading.
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The philosophy of promised at the competitive stage has never been breached - to date you have shown that Miller doesn’t just talk the talk but actually .
partnering
walks the walk
Inverclyde Schools PPP: Tom Reid, Head of School Estate Project 01 One Waterloo St, Glasgow 02 Meridian Gate, Cardiff 03 All Saints Primary School, Inverclyde
The key risks to the business are volume, pricing and contract terms. The business operates a risk register which sets out each of the key business risks in detail together with the strategy to mitigate and manage each risk. This is reviewed and debated by the Board on a regular basis and updated together with planned activities to improve our risk control. The business operates long term relationships with key supply chain subcontract partners. We work with our partners from pre-bid stage on every project to achieve best value for our clients, optimal management and sharing of risk across the supply chain where it can be best managed. Key Performance Indicators (KPIs) are set out in the business plans for each business unit which relate to risk management. These are measured and reviewed at monthly management meetings.
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Strengthening Our Order Book The business is focused on and has a strong, successful track record in winning and delivering projects for clients where value and partnering are key. Wherever possible, we seek to work in long term mutually beneficial, repeat business relationships. During the year we secured a number of significant new contracts, particularly in the public sector - the £35m Scottish Centre for Regenerative Medicine for Edinburgh University, the £23m North Tyneside Area Command Headquarters and the Ebbw Vale framework. Our extensive experience in the education sector helped us to secure work for Stoke College £23m, Barnsley College £34m, Hartlepool College £37m and Leeds University £8m. Our reputation in the education sector sees us as preferred bidder for Isle of Wight College, Forth Valley College and Durham University. Work was secured under our long term partnership with The Prudential at Milton Keynes and Washington. We continue to partner with some of the UK’s major retailers – work was secured from Costco at both its Glasgow and Edinburgh club warehouses. We were also appointed as a Royal Mail framework contractor, and have subsequently secured our first project with them.
People Our strategy and joint venture alliances in the PPP sector have progressed well during the year. We have been shortlisted for Gloucester Police, North Tyneside sheltered housing and the two pilot hub territories South East and North which are being promoted by the Scottish Futures Trust. We achieved a financial close at Leeds LIFT and secured two projects at Barking & Havering LIFT. We are currently working on further schemes for Leeds LIFT, Barking & Havering LIFT and the next tranches at Leicester Building Schools for the Future. Alliances are an important feature of our partnering ethos and are sought where both partners can add value to each other. We have progressed with a number of alliances in the year. A key highlight to date has been the establishment of Alumno Miller – an alliance with Alumno, a private company which focuses primarily on student accommodation development - to develop and deliver student accommodation. Alumno Miller has identified a strong pipeline of work and we achieved financial close on our first project, for Telford College, Edinburgh, towards the end of the year.
Our people are at the heart of all that we do and we remain committed to the Investors in People standard. Throughout the year we have maintained our focus on staff engagement and training development which is encouraged at both professional and personal levels. We continue to have one of the highest rates of compliance with the Construction Skills Certification Scheme – 98%, and firmly believe that people are our greatest asset. During the year 1,121 training days were delivered; over 600 in health & safety. Our ongoing commitment to personal development saw 27 staff successfully complete an NVQ and many achieve success with further education or professional accreditation through the CIOB or RICS. A tailor made e-learning equal opportunities package was successfully launched that enabled us to cost-effectively ensure all staff were aware of their responsibilities. Development needs identified through our redesigned Performance Development Review process saw staff attend training to enhance their bid-writing and presentation skills, update their core technical skills and develop interpersonal skills to help them effectively manage themselves and others.
01: Ryan Broadley, Nominee for Construction Manager of the Year 2010, on-site at One Waterloo St, Glasgow
02: Adrian Kelly is presented with his Construction Manager of the Year Gold Award 2009 by Natasha Kaplinsky
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Awards Adrian Kelly from our North Division was the Gold Medal Winner in the Chartered Institute of Building’s (CIOB) 2009 Construction Manager of the Year Awards in the New Build £5m - £7m category. Adrian fought off tough competition to lift the title for Wetherby Enhanced Primary Care Centre, part of the Leeds LIFT Scheme. This award recognises Adrian’s own talents, but he believes it represents the commitment of the company to the development of its staff, both professionally and personally, and the quality of the teams across the country delivering to meet clients’ needs every day.
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We have continued our commitment to the Considerate Constructors Scheme and consistently score higher than the national average on all of our sites. In 2009 our efforts were recognised at the National Awards with three gold, one silver and three bronze accolades. Seven of our sites have been shortlisted for the 2010 awards. Considerate Constructors Scheme Awards 2009: The Elements, Livingston Malinslee Primary School, Telford Union Square, Aberdeen Morrisons, Granton Bolton Market Hall Dumfries & Galloway College East Durham College, Peterlee
Gold Gold Gold Silver Bronze Bronze Bronze
Nominations for 2010: Whitburn Church of England School; University of Brighton; East Durham College; One Waterloo Street, Glasgow; Motherwell College; Aberdeen Union Square; North Leamington School.
In addition, Beaumont Leys was the Grand Prix winner and School of the Year at the 2009 Excellence in BSF Awards. Wellington Court, Barking Town Centre was crowned The Best Shared Ownership Development in The Daily Telegraph Your New Home Awards, while the Moat House Leisure & Neighbourhood Centre, Coventry won the Regeneration Award at the 9th Forum for Constructing Excellence, Coventry & Warwickshire Awards. We won Hadrian Awards for Middlesborough Institute of Modern Art and Cardinal Hume School and our Community Ventures joint venture won the Enhanced Value LIFT Award.
Beaumont Leys School Crowned Grand Prix Winner Beaumont Leys, delivered six weeks early by Miller, was the winner of the Grand Prix at the annual Excellence in BSF Awards 2009.
inclusive and secure, open and flexible. We really did succeed, this is a school with a heart and soul and there is a real buzz.
One of four schools in the first wave of the Leicester Building Schools for the Future (BSF) project, Beaumont Leys also won School of the Year. The awards have been established to celebrate the achievements across all areas of the BSF programme to improve educational outcomes and life chances for young people.
“The new school has had a dramatic impact on everyone’s sense of wellbeing and this is clear in students’ attitudes, behaviour and effort. There is a real sense of pride. The fact that our first set of GCSE results in the new school are the best in the school’s history has just been the icing on the cake!”
But it’s the pupils who are the real winners. Liz Logie, Headteacher, explains why: “When we were working with the Miller team initially on the new school, I was clear that I wanted a building that was fabulous and gorgeous,
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Health & Safety
2009 saw us record our
lowest ever Accident Incident Rate
- 419 per 100,000 workers. In 2010 we aim to reduce this even further.
Our number one priority remains the provision of a safe working environment for our staff and partners. We stand by our belief that no job is so important that the time can’t be taken to do it safely. The business has a team of dedicated full time safety professionals who monitor and assess the practices on all of our sites. Use of red and yellow cards and ‘stop work notices’ is encouraged among our supply chain partners as well as our own staff. Weekly site supervisor safety meetings include a site walk round, so any issues or concerns can be addressed and initiatives implemented. We have a very active team of ‘Safety Champions’ who regularly review and update our procedures ensuring best practice across all our operations. In 2009 we introduced a number of new policies on our sites, aimed at reducing the number of hand injuries, including a mandatory glove policy and one to minimise the use of open blades. Emphasis was also placed on site housekeeping and ‘keep tidy’ initiatives were rolled out incorporating greater use of racking and stillages to avoid materials being left on floor level and near walkways. This initiative resulted in a 60% reduction in RIDDOR reportable slips trips and falls. 2009 saw us record our lowest ever Accident Incident Rate – 419 per 100,000 workers. In 2010 we aim to reduce this even further.
Union Square, Aberdeen £120m development for Hammersons
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The results speak for themselves. Miller has
delivered a quality product and the team has particularly excelled with the quality of the finishes. Throughout the project there were a number of challenges to overcome, but Miller’s determination to deliver a first class development never wavered. Union Square: Vinod Thakrar, Director of Project Management, Hammerson
Look Forward The new initiatives, alliances and sectors identified will be pivotal in our continued growth and in adding value to the business. We are focused in pursuing these opportunities and, by remaining true to our core values, we are confident that we will remain profitable throughout the duration of this recession.
Telford College Student Residences, Edinburgh Early in 2009, a partnership was formed with Alumno, a niche student residence developer. The aim was to develop a pipeline of projects using Alumno’s sector experience and Miller’s deal-making and construction expertise. The first project, by coincidence, is a site which had been built as a shell and core by Miller for repeat client Wm Morrison Supermarkets plc adjacent to Telford College, Edinburgh. Together, the team assembled the deal working with the College, Morrisons, Santander and the advisors. Financial close was reached on Christmas Eve 2009 when we completed the purchase of the shell building from Morrisons. Miller is fitting out the building which we will let to Telford College students for the 2010/11 academic year. A win/win situation all round. Ben McLeish, Financial Director, Telford College, said: “First class student accommodation is becoming increasingly important in attracting students. We have been seeking a route for the provision of this accommodation which is located directly next to the College and after some frustrating and time consuming proposals we were
becoming disheartened with the process. Alumno-Miller offered a complete turnkey solution which saw a quick financial close and mutually beneficial agreements in place for the letting of the accommodation. The process had previously become complicated and protracted and suddenly was turned round by the team who are using their areas of expertise to deliver a one-stop-shop for first class accommodation which will benefit both the students and the college for many years to come.” Alumno Miller is currently working on a healthy pipeline of opportunities in this sector.
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Corporate Responsibility Corporate Social Responsibility (CSR) remains high on our agenda. Not only are we continuing to work with our supply chain, design teams and clients to create sustainable and environmentally sound projects, we are continually reviewing these elements throughout our construction processes. It is imperative that we are as progressive in CSR as we are in the rest of our business; we strive for improvement through education, training and the adoption of new, innovative practices. Miller Construction has become the first Scottish headquartered contractor to sign up to the WRAP (Waste & Resources Action Plan) initiative which aims to halve waste going to landfill by 2012. We are committed to reducing waste across all our projects, not only to help the environment but also to focus on building in a more efficient and resourceful manner. A key requirement of WRAP is to measure waste streams, set targets and deliver improvements. We continue to be an Associate Member of the Considerate Constructors Scheme (CCS) and in 2009 scored 9% above the industry average in CCS audits.
01: Howdon Boys’ Football Club sponsored by our NTACHQ site 02: Jodi Ewing, painting competition winner at Union Square, Aberdeen 03: Nursery School site visit to Scottish Centre for Regenerative Medicine, Edinburgh 04: One Waterloo St, Glasgow 05: Checkland Building, Falmer Campus, University of Brighton 06: The Core, Leeds
In addition, we have launched our own Sustainability Champions - a select committee from around the UK who investigate best practice and share this information with the business. The Champions will also receive BREEAM assessor training in order that clients, as well as the business, can benefit from this knowledge. We continue to achieve BREEAM ratings in conjunction with our clients and share the best and most innovative practices from these projects with our clients, design teams and project staff. It is important for us to play an active role in the communities where we work. In June we received an ‘Award to Industry’ from Leicester College recognising our BSF projects for offering 29 students the opportunity to gain vocational on-site training with ourselves and our supply chain partners. We have sponsored the new strip for the Willington Quay and Howdon Boys Football Club through our project at North Tyneside Area Command HQ and are working with local employment groups to enable long term unemployed to return to work through projects that we have across the UK.
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All of our projects communicate on a regular basis in the local communities where they operate, ensuring that neighbours are aware of the activities undertaken and the initiatives employed on site. This also provides contact details for the senior team on site in order that site neighbours have a direct line of communication so that their concerns or questions may be addressed. CSR guidelines are embedded in our standard work procedures and we continually monitor and audit in this area to ensure our stringent guidelines are being implemented and met. CSR remains integral to our operations. We aim to ensure that it’s not just the legacy of our clients’ projects that remain in the areas we operate, but the benefits to the local economy, community and environment. 04
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2009 accounts Miller Corporate Holdings Limited
Miller Corporate Holdings Limited
Consolidated Profit and Loss Account
Consolidated Balance Sheet
for the year ended 31 December 2009
at 31 December 2009
(£000) Turnover Cost of Sales
2009
2008
409,114 (379,475)
621,990 (590,521)
29,639 (15,845)
31,469 (18,827)
Operating profit Investment Income
13,794 90
12,642 -
Profit before interest and taxation Net interest receivable
13,884 6,953
12,642 8,421
Profit on ordinary activities before taxation Tax on profit on ordinary activities
20,837 270
21,063 (5,888)
Profit for the financial year
21,107
15,175
Gross profit Administrative expenses
(£000) Fixed assets:
Current assets:
Tangible assets Investments
Development work in progress Debtors Cash at bank and in hand
2009
2008
212 8,973
174 8,515
9,185
8,689
2,581 87,060 86,341
111,942 110,091
175,982
222,033
(96,476)
(164,821)
Net current assets
79,506
57,212
Total assets less current liabilities
88,691
65,901
Creditors: amounts falling due after > 1 year
(1,391)
The profit for the year has been derived from continuing activities. There are no recognised gains or losses other than the above profit for the year.
Net assets
87,300
65,901
The financial statements were approved by the Board of Directors on 28 April 2010 and signed on its behalf by Alan P Scott, Finance Director & Robin S Mackie, Chief Executive.
Capital and reserves: Called up share capital Profit and loss account
15,000 72,300
15,000 50,901
Shareholders’ funds
87,300
65,901
These consolidated financial statements cover all the activites of the Miller Corporate Holdings Ltd group, which include the activites of Miller Construction (UK) Ltd. The full audited Directors’ Report and Financial Statements can be found at www.construction.miller.co.uk.
Creditors: amounts falling due within one year
£20.8
million profit before tax
-
£87.3
million
shareholders’ funds
Miller’s proactive approach and commitment to getting the project completed to everyone’s satisfaction was certainly appreciated and unfortunately is sadly lacking in many of your competitors. 05
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The Core, Leeds: Martin Ford, Stace LLP
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75 YEARS OF INNOVATION 01
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1934
1940-1969
1970-1979
1980-1989
1990
1934
1940s
1974-1976
1984
1991
1994
James Miller & Partners founded in Edinburgh by three brothers: James, John and Lawrence.
Ferranti Factory, Edinburgh. A newspaper of the day reported “Architects & Builders do miracles of construction in erecting the 100,000 sqft factory capable of housing 1,000 workers in 110 days.”
Firth and Toft construction villages completed to support BP in bringing oil on stream at Sullom Voe, Shetland.
Awarded contract to build the Sheraton Hotel, Edinburgh.
Work commenced at Edinburgh Park, Scotland’s largest business park at 3m sqft. This was a pioneering public and private sector partnership between The Miller Group and the City of Edinburgh Council.
Latham Report published, recommending collaboration between builders and clients. Miller had been promoting this for some time.
See pic 01
See pic 04
1975
See pic 02
Official opening of Miller House, South Groathill, Edinburgh.
1964
See pic 05
Sir James Miller appointed Lord Mayor of London See pic 03
See pic 06
1989 Design & build the UK’s first all-seated football stadium for St Johnstone FC, Perth (10,000 capacity), in nine and a half months.
1989 Achieve Investors in People (IiP) status.
see pic 07
1992 Deliver medical facilities in Russia and Malaysia in joint venture with local partners. see pic 08
1995 Skye Bridge completed. UK’s first PFI project, a joint venture led by Miller. see pic 09
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2000
2010
1995
2000 - 2004
2003
2006
2008
2009
Completion of first energy efficient building for the Ministry of Defence, Gosport.
Delivery of the Edinburgh, Glasgow & Fife Schools PPP projects, £500m of construction involving 50 schools.
First LIFT project signed.
Costco Warehouse, Croydon wins BREEAM Industrial Award.
Union Square in Aberdeen completed: our largest single project at £120m.
1998
Our Lifecycle division continues to look after every secondary school in Glasgow.
2004
Dalby Forest Visitor Centre completed - high specification showcasing sustainability in construction. Winner of The Prime Minister’s Better Public Building Award 2007. see pic 17-18
The Centre, Livingston becomes Scotland’s first indoor shopping centre to receive a BREEAM Excellent. Largest ETFE roof in Europe.
Miller at the forefront of healthcare provision in Scotland: major projects at Ninewells in Dundee and Western General in Edinburgh. see pic 10-11
see pic 12-13
2003 Move a listed 15th century medieval hall to the new Pescod Square development. Winner of Best Structural Innovation Award at the Built in Quality Awards. see pic 14
see pic 15
One of the first construction firms in the world to obtain triple accreditation for our Integrated Management System.
2005 HRH The Princess Royal officially opens Miller House, Edinburgh Park. See pic 16
2006 Selected by Leicester City Council as its partner for the BSF (Building Schools for the Future) Programme.
see pic 19
see pic 22-23
2008
see pic 20-21
2009 Beaumont Leys, a Leicester BSF School, wins Grand Prix at the BSF National Awards. see pic 24
2009 2009 First Scottish-based contractor to sign up to WRAP.
First student residency contract for joint venture Alumno Miller. Telford College, Edinburgh. see pic 25
Printed sustainably on PEFC approved paper by GMP Print Solutions, using inks made from vegetable oil and without using any water or alcohol. All of the emissions generated in the production of this report will be offset by planting trees in local community woodland.
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Miller Construction (UK) Limited Miller Corporate Holdings Limited 2 Lochside View, Edinburgh Park Edinburgh EH12 9DH Tel: 0870 336 5000 www.construction.miller.co.uk