Housebuilder Persimmon has banked record profits, attributing a "healthy and competitive" UK housing market as one of the main reasons for its success.
The company, which is developing the massive Cape Hill Brewery site in Birmingham, announced pre-tax profits for the year to December 31 jumped 17.5 per cent to #582.1 million, up from #495.4 million last year.
The group, which acquired Westbury at the start of last year, said it had also increased its land bank to 80,095 plots, compared to around 78,000 following the acquisition.
The land stock should ensure that its growth is sustained well into the next decade.
The company also said that forward sales were ahead of last year’s level at #1.3 billion and, with 120 news sites to open in the next six months, hopes are high of a strong showing in the year ahead.
The company's performance in the West Midlands was consistent with growth shown across the rest of the UK. Dominic Harman, managing director of Persimmon Homes West Midlands, said: "The results are good and we are delighted that the West Midlands is proving to be such a strong sector.
"It is an area people not only want to move into, but want to stay in as well."
The flagship development in the region is the Cape Hill site, which is just beginning its second phase.
"We are looking at just under 1,000 homes on the site when complete and altogether we think it represents around eight years of development.
"We will be looking to move our partner companies Charles Church and possibly Westbury on to the site at some stage and this should help with the mixed development," said Mr Harman.
With the development now in full swing and other sites set to come on track, Persimmon is looking for around 15 per cent growth in the West Midlands for the remainder of the year.
"We have a land supply of around four years which should help us to sustain growth, while we are also benefiting from having lower than average house prices," said Mr Harman. "In addition to Cape Hill, we also have work taking place on our Chestnut site in Pipe Hayes, and we have 105 homes planned for the Prince of Wales site in Warstock.
"We have secured a parcel of land as part of the Bilston Urban Village scheme, which we believe could be a property hotspot, while we are also looking at other areas of Wolverhampton."
The group is also planning a major build on former colliery land at Lawley, near Telford. The site, secured from English Partnerships, will be a joint development of 3,300 homes between Persimmon, Barratt and George Wimpey, with each firm getting an equal third of the available plots.
Mr Harman added: "We expect to build around 1,000 new homes in the region this year and given that we have the land in place, we expect to maintain growth."
The company has issued no update on any potential future acquisitions but chief executive Mike Farley said the group’s strong balance sheet would enable it "to take advantage of any opportunities that will enhance the business".
Revenues for the year grew 37 per cent to #3.14 billion.