The Edinburgh-based housebuilder said home completions leapt by 34 per cent to 993 in the year to 30 June, with the average selling price now setting buyers back £509,000, up from £423,000 in 2014.

As a result, profit before tax jumped by 90 per cent to a record £50.9 million on revenues up 79 per cent to £511.6m.

The performance was largely boosted by last year’s £200m acquisition of rival luxury housebuilder Banner Homes, which has helped Cala speed up its targets of tripling in size two years earlier than planned.

It is on track to deliver £800m sales by 2017 and has set further targets of hitting £1bn of sales within five years.

Chief executive Alan Brown said: “This growth trajectory has led to us continuing our recruitment programme apace, welcoming 169 new members of staff to the business and stepping up our apprenticeship and graduate recruitment initiatives across the group.

“Our focus now is on driving operational efficiency improvements throughout the group which will in turn flow through to improved operating margins and return on capital employed as we target group revenues of £1bn within the next five years.”

Among the firm’s goals is to grow sales by 40 per cent in Aberdeen.

Mr Brown admitted house prices have stabilised in the Granite City in light of the fall in oil price after growing rapidly over the last two years but remained confident in the long-term growth prospects for the market in the north east.

He said: “The market is still steady up there, still selling very well and we are planning to increase our sales up their by 40 per cent this year.

“There is still a really good market, particularly for products at our end of the market. We are very much at the upper end of the market and there is a shortage in and around Aberdeen.

“Despite the oil price slowdown we are still selling very well.”

Noting that the price of oil now is closer to its historic level than the $100-plus per barrel it rose to last year, Mr Brown added: “We have been operating in and around Aberdeen since 1976. We know that market really well, and we know it does have fluctuations.

“Despite the fall in the oil price we are still seeing reasonably stable sales conditions there.”