The firm said it had exceeded its three-year housing expansion plan and completed a record 3,039, with the average private selling price up 10% to £250,000.

Private house building represented 2,272 units and affordable and regeneration 767 units.

In a trading update ahead of full year results chief executive Gerald Fitzgerald said: “We have exceeded the objectives of our three year transformational house building plan delivering a substantial increase in profits and return on capital.

“Since our last update the housing market has been stable. In addition, and against a background of challenging economic conditions, we have maintained a quality construction order book and benefited from a number of contract wins.”

Fitzgerald said that the construction division was weathering the slow down with orders at £1.6m, down from £1.75m last year.

Major contract awards for the £347m Gateshead Regeneration Programme, the £180m scheme to upgrade Liverpool waste water treatment works and the £80m Kingskerswell Bypass contributed to 82% of project revenue for the next financial year.