Profit for 2016 rose 22% to nearly £40m after 74% growth in revenue to £307m, driven mainly by the property investment and development arm.

Construction division operating profit rose 16% to £10.3m, on revenue slightly down at £84m.

Chairman Jamie Boot said the Hallam Land business had seen an uplift in land sales after a post-Brexit vote slowdown in land acquisition by house builders.

“Each of our three business segments performed well, notwithstanding the macroeconomic concerns after the EU referendum result, and we have built a strong pipeline of schemes to be delivered over 2017-2019,” he said.

“The construction segment once again performed solidly, being underpinned by the stable PFI income stream.

“Plant hire traded consistently well over the year and although we saw slightly lower activity from the construction business, secured contracts for 2017 will see activity move forward once again.”

Boot added: “2017 has started in line with our expectations and the year ahead will see us actively work on over ten commercial development schemes, some of which will take us through to 2019 and 2020.

“Our strategic land business has a record volume of sites and these sites are further forward in planning terms than ever before. Including sites with planning permission already granted, those in the planning process and sites where we anticipate making an application within the current year, we now have over 30,000 plots in the pipeline.”

The commercial development business had one of its busiest ever years after finalisation of development, funding and contractor agreements for the new 800,000 sq ft exhibition and conference centre for Aberdeen City Council.

During 2016, the division developed over 875,000 sq ft of new, pre-let and pre-sold, largely industrial space and, furthermore, agreed terms on a further two million sq ft, most of which is expected to start or be completed in 2017, including a second 480,000 sq ft distribution warehouse for Great Bear at Markham Vale.