Quintain Estates & Development - one of the businesses behind a major £100 million regeneration project in Birmingham - has unveiled a leap in pretax profits.
The results come as the business benefited from substantial increases in the valuation of its assets and sales in its core portfolio.
Quintain announced an 86 per cent surge in annual pretax profits -increasing to £65 million from £35 million last time. Net asset value per share jumped 19 per cent to 526p, while diluted NAV rose 18 per cent to 516p.
Earnings per share before discontinued activities rose 49 per cent to 46.1p and the group proposed a final dividend of 7.25p, giving a full year payout of 10.5p, up 11 per cent.
Quintain is one of the partners behind the City Park Gate scheme - phase two of Birmingham's huge Mass-house regeneration project.
The company said: "We believe that Quintain has become a leader in urban regeneration. This has, and should, lead to further opportunities, for example at City Park Gate, Birmingham, where we have secured development manager status with our partners Countryside Properties in a joint venture with Birmingham City Council."
The scheme includes plans to build 608 apartments, 115,000 sq ft of offices and 100,000 sq ft of retail space.
The company said it was reviewing, with its architects, density, mass and costings to maximise returns.
It anticipated submitting a "reserved matters" application by the end of the calendar year.
Revealing preliminary results for the year ending on March 31, Quintain said it had sold assets totalling £135 million during the period, generating profits of £14.2 million while purchases totalled £41.4 million.
The most significant contribution to rising valuations was its investment in Wembley, which rose in value by 25 per cent to £384 million.
U nderlying profits decreased due to a rise in administrative expenses.
"The year to March 31 has been another successful one for the group, delivering a total return of 21 per cent," chairman Nigel Ellis said.
"Based on this, our core measure, and subject to market conditions, we believe the group is well positioned to deliver considerable growth in its activities over the next few years and, as such, we look forward with enthusiasm."
The 5.75 acre City Park Gate project will create a gateway to Eastside, the ten-year £6 billion project to create a new cultural and learning quarter. Planners say the creation of a southern gateway would provide an important connection between the bus mall, Moor Street Station and the Bullring, with the Eastside District beyond City Park Gate.
The forming of a new pedestrian gateway would provide a link to Martneau Galleries.
The project also includes the refurbishment of the grade two listed Fox and Grapes pub and the creation of high quality public areas. The joint developers in December formalised an agreement to carry out the scheme.
Quintain also has Priory House in Gooch Street, Birmingham, offices in the city centre, and premises in Coventry, Redditch and Leamington Spa.