Confidence in the city’s booming residential market helped Renaker lift pre-tax profit by 27% to £6.3m for the year ending 31 October 2024, following a 16% rise in turnover to £265m – the highest in its history.

Operating margin remained steady at 2%, as increased labour costs offset last year’s gains from an easing of materials and energy price rises.

Managing director Daren Whitaker said further growth next year would be driven by the firm’s packed delivery pipeline.

“2025 is expected to see a record number of projects reach build completion and handover. Across five projects we are targeting completion of 1,414 apartments, 576 student beds and 806 co-living units,” said Whitaker.

“Future developments contracted which stretch beyond the current year will see the delivery of a further 988 new homes.”

The business is preparing to submit its first Gateway Two application to the Building Safety Regulator, marking a key test for future timelines on high-rise residential schemes.

Renaker warned that the building safety gateway process, introduced in 2023 for high-risk buildings, had brought substantial new risk to both developers and contractors.

Whitaker said: “Developers and contractors might share the commercial risk associated with the time taken for the Gateway Review, but the consequences of delay resulting from a failed assessment could be significant for all parts of the supply chain.

“The new regulations not only impact the design of high-rise residential properties but also necessitate new approaches to collaboration and engagement across the supply chain to ensure competence and quality.”

Despite uncertainty caused by the rollout of the Gateway process, Whitaker said he remained confident that these disruptions would be minimised moving forward, and the current challenges would be only temporary.

He added that Renaker’s approach of maintaining direct control over design solutions and its supply chain would continue to play a crucial role in mitigating risk and securing delivery.