Keepmoat has reported a rise in revenue in its financial results for the year ending 31 March 2017.

The housebuilder saw revenue increase by 25.7% to £423.2 million (2016; £336.6m) while adjusted Earnings before interest, tax (EBIT) rose from £26.5m last year to £34.8m in 2016 (31.1% increase).

Elsewhere, the company increased the number of plots in its land pipeline by 19% to 28,544.

Peter Hindley, Chief Executive Officer of Keepmoat Homes, said the company performed in line with expectations "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," he said.

"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.

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"In FY17 we continued our regional expansion programme with the new Scotland region already firmly established, and the splitting of our two largest regions, Yorkshire and Midlands, completed. In addition, the Group strengthened its capacity in the North West with the acquisition of M.C.I. Developments Limited, in January 2017, which is an established business building high quality homes for registered providers.

"Enabled by our strong reputation for partnership working, we are developing opportunities in two new sectors. The private rented sector is a growing market and financial institutions are keen to invest in this long term revenue stream.

"We are developing relationships with a number of investing institutions who are keen work in partnership with developers such as Keepmoat to build significant portfolios of private rented homes. We have also successfully entered into partnership with Elliott to launch a modular construction product under the brand name of ilke Homes."

James Thomson, Executive Chairman of Keepmoat Homes, added the sale of the company's regeneration business for £330m has "significantly strengthened" its balance sheet, placing it in good standing to support and deliver growth.

"We are targeting to deliver over 4,000 much needed high quality, affordable homes for the UK during the next financial year," he said.

(LM)