MAJOR players in the UK property industry must be flexible if they are to succeed, according to a property group boss.

Keith Miller, chief executive of the Miller Group, said the property sector was adapting at a rapid rate and companies needed to adapt likewise.

The statement came as the UK's largest privately owned property development, housebuilding and construction services company announced its full-year results. The group turned in its ninth successive year of growth with a 36 per cent increase in profits before tax to £27.4m for the year ended December 31.

Profits generated by Miller's housing, property and construction divisions were a major driver for sustained growth, replacing the company's earlier emphasis on civil engineering and mining.

Mr Miller said: "Adaptability is the key to survival in today's changeable market.

"Back in 2001 we took the decision to dispose of our civil engineering and mining interests and concentrate on housing, property and construction. This shift in corporate strategy, together with our focus on joint venture partnerships and our move into Europe, is a major factor in our corporate growth.

"By the end of March we had £234m forward housing sales, which represents 65 per cent of our annual target."

He said construction prospects were equally encouraging, with an order book approaching £300m while the property division had made excellent progress on several schemes. Miller's North-East projects include sites at Billingham, Durham, Ferryhill and Sedgefield. It will soon be working in Seaham, Nunthorpe and Darlington.