CALA Group, the luxury housebuilder, has revealed a record annual pre-tax profit of £27.3m, more than double last year, and claims to be on track for a three-fold increase in revenue by 2016.

The group also announced a strong start to its new financial year with 367 forward sales with a turnover of £166.2m, compared to £69.9m at same point last year.

Alan Brown, Chief Executive of CALA Group, said: “This year has been a transformational period for CALA with our excellent financial performance delivering record profits once again.  Following another year of significant investment in our land bank and our acquisition of Banner Homes in March, CALA is now an established, top 10 UK housebuilder by revenue and, with the bulk of the Banner integration now complete, our focus is on driving the increased synergies and benefits of scale we have identified.”

Turnover for the year to 30 June 2014 increased 22% to £294.2m, while CALA also benefitted from an increase of 390 basis points in gross margins to 22.7%, helped by the industry wide increase in house prices. Buyers of CALA homes spent an average of £423,000, up from £335,000 last year.

Following the group’s acquisition of luxury developer Banner Homes, the group is now targeting turnover of around £500m in the current financial year.

CALA’s landbank increased 27% to 12,690 plots with a potential gross development value of £4.7bn, up 48% versus 2013.

Irder to fund its expanded building and land acquisition programme CALA’s debt rose to £141.6 million, more than three times the 2013 figure and resulting in a gearing of 45%.

Brown said: “Our growth plans are underpinned by the strength of our landbank, and the quality of our development locations with 81% of the projected profit to be delivered through our business plans in the next four years already owned, contracted or with deal terms agreed, providing the Group with an excellent platform and a high level of visibility.

“We have entered the new financial year in a very positive position thanks to strong forward sales and, with a stable market backdrop, I am very excited about CALA’s prospects for the year ahead which will deliver our  first year of significant volume growth since the implementation of our new growth strategy.”