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Profits at Berkeley Group rose by 58% with revenues up by more than 40%, according to full year results posted today.

The housebuilder and developer said that profits increased to 拢214.8m for the 12 months to 30 April, with revenues up 40.2% to 拢1.04bn. The increase in profits saw the firm鈥檚 operating margin rise to 18.8%.

Profits rose after a huge increase in the number of homes sold by the housebuilder, up from 2,544 in 2011 to 3,565 in 2012. The firm said the increase resulted from opening more sites, with visitor numbers remaining 鈥渟table鈥� on development sites, and a large proportion of the firm鈥檚 London homes being sold to international investors.

Berkeley spent 拢311m on land in the year, buying sites for 2,444 plots with purchases in central London, primarily along the Thames corridor, as well as further afield.

Berkeley Group chairman Tony Pidgley said the results came against 鈥渁 backdrop of a challenging economic outlook鈥� and warned that despite the Group鈥檚 strong performance investment decisions were still 鈥渇inely balanced鈥�.

He said housing was 鈥渦niquely placed to deliver growth鈥� but said it was a 鈥減olitical imperative鈥� for government to create the conditions 鈥渋n which businesses can stimulate growth鈥�.

鈥淕rowth requires a stable political and economic environment with well-considered policies that welcome inward investment and give businesses the confidence to invest and grow; it is essential that London鈥檚 competitiveness on a world stage is preserved,鈥� he said.

鈥淯nnecessary bureaucracy, over-zealous regulation and taxation policy, and a negative rhetoric that undermines confidence, create barriers to the delivery of new housing which will pose an unwelcome drag on growth.鈥�

Pidgley highlighted a number of key policy changes, such as the removal of the South East plan, the introduction of the National planning Policy Framework, and changes to developer contributions, such as the Mayor of London鈥檚 infrastructure levy.

He said that while he supported the 鈥渏oint objective of these initiatives to increase local engagement and supply鈥� their implementation had 鈥渃reated numerous practical issues that have yet to be resolved鈥�.

鈥淭hese include the role that localism plays in development on a large scale and how to ensure that the delivery of new housing is commercially viable in an environment where planning authorities and government place ever increasing financial burdens on developers,鈥� he said.

Pidgley added that already there were 鈥渋ndications across the wider industry that the recent upturn in construction levels is beginning to stagnate鈥�.