The Goldman Sachs based business saw pre-tax losses for the year to October 31 2021 fall to £19.4m from £21.3m last time as turnover nearly doubled to £12.3m from £6.3m.

TopHat has been trading since 2016 with shareholders led by Goldman Sachs investing £130m in the business since then.

The company said: “TopHat is a young, ambitious company that is still in the growth phase.

“The group continues to invest ahead of revenue, both in growing capacity and developing its product offering.”

The modular specialist operates from a 125,000 sq ft factory near Derby producing 800 homes a year with a new site set to open next year in Northamptonshire with an annual capacity of 4,000 homes.

TopHat said: “The group is not yet profitable or cash generative, due to this investment in future growth and innovation,

“The delivery of the second factory, in particular, will enable TopHat to deliver strong profitability and cash flow within the next three years.”