Development Securities posted a 133% leap in profit for the year to 28 February.
The company’s pretax profits of £45.4m were the result of better-than-expected gains from development.
The group’s £85m Telegraph Works 272-flat scheme (pictured) in Greenwich, SE10, which it acquired as part of its takeover of Cathedral Group last year, accounted for almost a quarter (£10.2m) of the profit. Investments rose in value by 12.1% during the period to £211m, while overall portfolio value came in at £502m.
The results are the last under outgoing chief executive Michael Marx, who is to be replaced by executive director Matthew Weiner in July.
