THE JOINT developer of Fremlin Walk shopping centre in Maidstone has reported higher profits for the 10th year in a row.

The Miller Group, which has a joint stake in the £110m Centros Miller development, posted a 47 per cent increase in pre-tax profits to £40.2m in the year ending December 31.

Turnover went up 13 per cent to £743m.

The company said that the 350,000 sq ft flagship Mid-Kent scheme was more than 70 per cent let. Centros Miller is a joint venture with Delancey Estates.

Fremlin Walk, which is being sold on to Land Securities, a large developer with several major Kent projects, is one of several being undertaken by Centros Miller. Others are at Fareham, Bury St Edmunds, Epsom and Chiswick.

Miller has one million sq ft of retail developments in the UK and Portugal under construction or on the drawing board.

Keith Miller, chief executive, said: "2003 witnessed a step change in the growth of the business. Turnover is now fast approaching £750m and profits broke the £40m barrier for the first time.

"Housing was the main contributor to our growth with spectacular increases in turnover and profits of 42 per cent and 74 per cent respectively. The property business performed well and concluded a number of large deals which provides the foundation for future profitability.

"Finally, our Construction Services business secured record orders as a result of strong alliances with a blue chip customer base and a growing involvement in the health and education public private partnership sectors."

The Miller Group is the UK's largest, privately-owned, property development, housebuilding and construction services company. It employs 2,000 people.