Releasing its financial results for the year ending 31 March 2016, Keepmoat said it performed in line with expectations in the face of significant shifts in government policy and continued strong demand for new housing.

Group revenue increased to £1.13 billion (FY15: £1.09bn) reflecting strong growth in its Homes division in which revenue increased by 28.3 per cent to £337 million (FY15: £262m).

The number of homes sold increase 13.3 per cent to 2,416 at an average selling price of £139,000, up 13 per cent, while the number of plots within its land bank increased by 14.5 per cent to 18,437.

During FY16, the Group also established a new Homes region in Scotland.

This success was offset slightly by a decline in its Regeneration division largely reflecting changing market conditions. Turnover at £803m was a 3.6 per cent reduction on the previous year (FY15: £830m).

Going forward Keepmoat is developing opportunities in two new sectors.

The firm is building relationships with a number of investing institutions who are keen work in partnership with developers to build significant portfolios of private rented homes.

In addition, it is developing proposals to expand its experience in the Extra Care market into the broader retirement living sector.

Dave Sheridan, Keepmoat chief executive, said: “Despite a year of changing government priorities, Keepmoat’s focus on working in long-term partnership to deliver community regeneration has continued to deliver growth. Our Homes Division has capitalised on growing demand for high quality homes at affordable prices and the future pipeline of projects provides a platform for continued growth. Our Regeneration Division has experienced a year of consolidation as Local Authorities and Housing Associations reassess their priorities in the face of reduced rental incomes.

“In light of this, we are utilising our core skills to deliver innovative solutions into the private rental and retirement living sectors, complementing our core offering to Local Authority and Housing Association clients. We are excited by these new opportunities and their potential to deliver further growth.”