Today the firm said its land bank had risen 23% against a year ago, with more than half its total 9,600 plots bought at current market prices.

It added that it was well advanced with plans to open new regional  housing offices in Guildford and Oxford.

Greg Locke, a former director of Redrow and  chief executive of David Wilson Homes, has taken the job as managing director of the midlands and south west division.

In line with other house builders, average selling prices were up 10% against last year at £190,000. Total housing completions were down 7% at 1,705 units.

Greg Fitzgerald, chief executive, said: “We are ahead of our target for delivering the transformational housebuilding expansion plan announced with the rights issue in September 2009.

“We have also maintained a quality construction order book in increasingly challenging market conditions.”

He added: “The strength of the group’s finances and the spread of its activities mean that, subject to the economic uncertainties affecting our markets, we are well positioned to deliver our planned progress.”

The construction order book as the firm enters its new financial year stands at £1.8bn and three quarters of this year’s planned revenue has already been secured.

“Our strategy is to continue to be selective in bidding for work where forecast returns are commensurate with risk, and not to pursue contracts with the objective of maintaining past revenue levels.

“We have adapted our structure and cost base accordingly,” he added.