Private home builder Banner Homes Group PLC (Banner) has reported an increase in operating profit of 24%, demonstrating continued strong growth in the business.

Reporting on its financial year to 31 May 2013, Banner reported operating profit climbing from £13.2m in 2012 to £16.4m in 2013. Turnover has increased to £111m, from 235 homes sold, compared to 203 homes in the previous year. Banner achieved an average selling price of £511,000 during the year putting it at the top of the sector for medium size developers.

Richard Werth, Chief Executive of Banner comments, “We have achieved an excellent profit at a level not seen since 2007. We delivered a profit before tax of £8.5m. Our operating margin rose to 15% (from 13% in the previous year) which is comparable with the best performers in the quoted sector.”

Banner also exchanged on 29 new sites, enabling the business to control a record breaking £236m of potential future revenue, which represents a 57% increase on last year. Almost 1,100 plots in Banner’s control are currently allocated or have a planning consent with as many controlled on a subject to planning basis.

Banner continues to drive further into the upper end of the housing market, focused primarily in central and southern England. The company provides high quality homes with selling prices ranging from £100,000 to over £5m, for a range of discerning consumers at a variety of life stages.

Werth continues, “2014 is set to be another successful and profitable year for us. We anticipate that we should achieve our best performance ever, with a number of prestigious projects coming to fruition. Banner is now looking to build on its successful performance by accelerating the growth of the business.”