The huge windfall was revealed in maiden results, which showed operating profits, excluding costs and payouts, soared 83% to £17m in the six months to 31 March.

After taking into account exceptional flotation costs and incentives, Watkin Jones actually booked a £9.9m loss in the first six months.

Revenue also rose by 41% to £146m, helped by an underlying increase in the value of student accommodation projects in development and higher sales of residential properties.

Mark Watkin Jones, Watkin Jones chief executive, said:  “Following on from our successful admission to AIM in March this year, we are delighted to report such a strong maiden set of half year results today. 

“The current student accommodation pipeline of 31 development sites underpins the business outlook to 2018, with 16 of the 17 developments for delivery by the end of 2017 already forward sold. 

“We are at advanced positions regarding the acquisition of a number of site opportunities that will be for delivery in 2019 and beyond.

He said the firm has also set its sights on applying its successful student accommodation model to the development and management of purpose built PRS schemes. 

Watkin Jones is presently undertaking its first purpose built PRS development in Leeds, which is scheduled for completion in 2017.

The group had net cash at 31 March 2016 of £15.4m, comprising cash of £32.6m less borrowings of £17.2m.