Urban&Civic has reported an 270% increase in pretax profit to £25.9m in the year to the end of September.
It said the majority of growth came from the second half of the year and came off the back of increasing value and confidence in markets outside of London.
Highlights of the year included five large plot sales at its Alconbury and Rugby projects, accounting for 981 units, and a strong start to a joint venture with Hopkins Homes.
The group’s net asset value rose from £389.9m to £409.8m.
Chief executive Nigel Hugill said Urban&Civic had been created with the intention of establishing counter-cyclical, affordable stock in well located areas.
He said: “We are old enough to know that circumstances shoot down the cavalier, but with assets up, profit up and a conservative balance sheet, we can look to maintained outperformance.”
Hugill also said the group intends to take advantage of further Homes and Community Agency funding.
“Shareholders can anticipate more to come without recourse to high financial leverage,” he said. “The majority of borrowings going forward are likely to be 10-year facilities from the Homes and Communities Agency that are designed to encourage accelerated investment.”
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