Announcing its financial results for the year ended 30 June 2014 today, the group said it was on course to deliver a three-fold increase in revenue by 2016.

The acquisition of luxury developer Banner Homes has accelerated its stated expansion plans – targeting turnover of around £0.5bn in the current financial year, while the backing of investment partners Patron and Legal & General has increased its financial firepower.

The firm’s landbank grew 27 per cent to 12,690 plots, up from 10,016 the previous year, with a potential gross development value of £4.7bn, up 48 per cent on £3.1bn the previous year, with a projected average selling price of £370,000, up from £316,000.

Pre-tax profit grew 117 per cent to £27.3m over the year, up from £12.6m, while revenue grew 22 per cent to £294.2m, up from £240.8m.

Cala is now a top 10 UK housebuilder by revenue with eight regional operating areas; five in England and three in Scotland.

Commenting on the results, Alan Brown, chief executive of CALA Group, said: “This year has been a transformational period for CALA with our excellent financial performance delivering record profits once again. Following another year of significant investment in our land bank and our acquisition of Banner Homes in March, CALA is now an established, top 10 UK housebuilder by revenue and, with the bulk of the Banner integration now complete, our focus is on driving the increased synergies and benefits of scale we have identified.

“Our growth plans are underpinned by the strength of our landbank, and the quality of our development locations with 81 per cent of the projected profit to be delivered through our business plans in the next four years already owned, contracted or with deal terms agreed, providing the Group with an excellent platform and a high level of visibility.

“We have entered the new financial year in a very positive position thanks to strong forward sales and, with a stable market backdrop, I am very excited about CALA’s prospects for the year ahead which will deliver our first year of significant volume growth since the implementation of our new growth strategy.”