The housebuilder also announced it had increased the number of homes sold to 2,924, up 21% on the previous year (2,416).

The number of plots within the company’s land pipeline has increased by 19% to 28,544.

Keepmoat continued its regional expansion programme by establishing its new Scotland region and splitting its two largest regions: Yorkshire and Midlands.

In January 2017, the group also acquired MCI Developments Limited.

Keepmoat has now entered into a partnership with the offsite specialist Elliott Group to launch a modular construction product under the brand name of Ilke Homes.

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Peter Hindley, CEO of Keepmoat Homes, said: “The business performed in line with expectations in the light of continued strong demand for new housing and despite significant shifts in government policy.

“Good progress has been made in developing growth opportunities.

“During the year, we continued to build our presence in new geographies and develop propositions for new sectors which will fuel further growth in the future.

“We are developing relationships with a number of investing institutions who are keen to work in partnership with developers, such as Keepmoat, to build significant portfolios of private rented homes.”  

Earlier this year, Keepmoat sold its regeneration business for £330m, which significantly strengthened its balance sheet.

The housebuilder is currently aiming to deliver over 4,000 high-quality, affordable homes for the UK during the next financial year.