Pre-tax profit at the builder was up 53% to £61.5 million (2015: £40.2m) while turnover for the year to 31st August 2016 increased by 10% on the previous year to reach £931m.

The accounts show net cash at bank at year-end of £268m, an 8% increase on a year before.

Chairman John Kirkland said all divisions performed well including the group’s house building business Peveril Homes.

He added: “Our strong cash position provides a major advantage enabling us to provide equity funding to finance developments and invest in joint venture arrangements when they arrive.

“We are pleased with the contribution our property joint ventures have made and our actively looking for more opportunities.”