Results for the six months to March 31 2017 reveal gross profits were up to £29.1m from £23.5m last time on a turnover of £133.7m.

The student accommodation sector makes up the lion’s share of the business and Watkin Jones has a development pipeline of 31 sites worth £920m to be built by 2020.

The firm has also acquired a site in Sutton with planning for a build to rent scheme while work is planned on sites in Belfast and Leicester and three other plots with work due to start in 2019.

Chief executive officer Mark Watkin Jones said: “The Group has seen good profit growth in the first half, driven by our student accommodation developments which are fundamental to the business.  

“We are seeing increased institutional demand for good quality purpose built assets, and there are several new international funds that have entered the market recently, which highlights the continued attractiveness of the sector. 

“Our forward sale model and student accommodation pipeline of 31 developments provides us with excellent visibility on earnings and cash flow.

“We are encouraged by the progress we have made in the Build to Rent sector and we are pleased that the Group has already secured an excellent site in London, with solid progress also being made on a number of other specific development projects.”