The firm is expecting 2023 to be a tougher year but is confident its “rock solid balance sheet offers resilience to both weather any further economic uncertainty and to take advantage of any opportunities that arise from it.”

Pre-tax profits hit £45.6m from £35.1m last time as turnover jumped up to £341.4m from £230.6m helped by a record sale of 3,869 plots of land from a land bank of 96,000 plots.

Chief Executive Officer Tim Roberts said the construction division did “remarkably well” to trade ahead of expectations despite dealing with very challenging supply and labour restrictions.

Construction hit a turnover of £100.5m from £86.2m delivering an operating profit of £12.1m from £9m last time.

Roberts said: “With early encouraging indicators already evident across certain markets we have the capacity to buy land, maintain and potentially expand our committed development programme as well as to continue to grow our JV housebuilder as soon as we feel economic recovery is on the way.

“We therefore have confidence in our ability to achieve our medium-term growth and return targets.”