Housebuilder Galliford Try said this morning its chief executive of almost 10 years, Greg Fitzgerald, will step down by the end of 2015 - just as it reported a 28 per cent increase in pre-tax profits.
The figure rose to £95.2m for the year to 30 June, while group revenue was up 21 per cent to £1.7bn and earnings per share climbed 32 per cent to 94.6p.
The group said much of its success was down to a "disciplined focus on growth" - which, it added, pushed net debt down to £5.1m.
Yesterday the company announced it had sealed a £360m deal to build 1,100 new homes in east London.
Fitzgerald singled out the group's Linden Homes arm, which had a better than expected margin of 15.2 per cent.
We have made excellent progress during the year against our strategy of disciplined growth with [a] principal focus on margin.
Linden Homes achieved an improved margin, ahead of our expectations, and significantly stronger average selling prices, reflecting the quality of our homes, our prime locations and the backdrop of improved consumer confidence.
As we have gone through the quieter summer period, sales have been in line with our expectations.
Galliford's shares had risen by 0.54 per cent at the time of writing.