Housebuilder Chartway Group made towering pre-tax profits of £2.9 million, up 50%, its latest accounts show.

The developer, which grew on the back of lucrative social housing projects across Kent during the economic downturn, said it expects most of its future growth to come from its foray into the private residential market under its Westerhill Homes brand.

Turnover increased 31% to £43.9 million in the year to the end of May, with the company’s order book stretching for another 18 months and capacity to spare.

The company, based in Coxheath, Maidstone, has enjoyed rapid growth since its inception in 2009, when managing director Ian Savage formed the company with friend Philip Cunningham, a lawyer with Tunbridge Wells-based law firm Cripps.

It has made the top 10 of the KM Group’s MegaGrowth 50 list of Kent’s fastest-growing companies for the past three years.

“We anticipate further growth over the year ahead, and will continue to build on the strong client base by adding new ones to the group..." - Ian Savage, Chartway Group

In his report filed at Companies House, Mr Savage said the firm had “another strong order book for the year ahead”.

He said: “We anticipate further growth over the year ahead, and will continue to build on the strong client base by adding new ones to the group.

“The main growth will come from the private residential side of the group, with an increased number of Westerhill Homes units in the pipeline and already in production.”

Mr Savage said the company, which employs more than 100 people, faced some risk if clients were forced to reduce their budgets.

He said: “There is still uncertainty in the sector over the EU referendum outcome. We have to be prepared for some impact in the future.”

He added: “Moving forward, we feel the main risks to the business, and indeed the industry, are the lack of available skilled labour, availability of materials and the potential increase in material prices.”