Group revenue was up by around 4% to £230m, with gearing remaining low at around 12% from a net debt of £43.5m.

Tim Roberts, chief executive officer, said: “Strong demand within our three key markets of Industrial & Logistics, Residential and Urban Development has helped us to achieve a good set of results.

“By continued investment in our significant pipeline of opportunities and using our strong balance sheet, we have achieved material growth in the business and secured attractive returns for our shareholders.

“While there are pressures facing the economy and the industry, particularly inflation and supply restrictions, we continue to manage these effectively.

“We have also made a very good start to the year, building on the strong momentum across the group, with high levels of forward sales in land and house building, further leasing of our developments and a full order book in construction.”

The construction business performed ahead of expectations with turnover down 11% at £103m but with a 100% secured order book for 2022.

Roberts said that the majority of this year’s order book now had fixed price orders placed with the supply chain or, where this was not been possible, included contractual inflation clauses with customers.

The division generated an operating profit of £9m, up from £6.5m previously.