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In 2008 the housebuilder made a pre-tax profit of 拢7m. The London-focused firm saw profits collapse as it was forced to write down 拢13.7m for the cost of land, mostly relating to its buy-out of the 850-home Indescon scheme (pictured) in Canary Wharf for 拢1.

However, the purchase fuelled the 2009 growth in turnover, which jumped to 拢205m, compared with 拢131m in 2008.

Stephen Conway, Galliard鈥檚 managing director, said the firm鈥檚 banks had agreed it would not need to refinance loans this year, despite the amount of bank debt payable within 12 months ballooning to 拢304m at the end of the financial year.

He said a number of major schemes were due to complete in time to allow cash from 600 pre-sales to flow through, allowing the bulk of the debt to be repaid. Notes to the accounts say that 拢38m of debt was refinanced after year end, and the firm has 拢465m worth of half-built schemes it has not been paid for.

Conway said: 鈥淲e鈥檙e on line now to have it all paid off; in the next accounts you鈥檒l see that things are more levelled out.鈥�

Galliard Homes fell to 22nd in this year鈥檚 list of the biggest housebuilders by revenue, compiled by the Home Builders Federation. Barratt, Taylor Wimpey and Persimmon retained the one, two and three slots respectively. The most obvious casualty was Redrow, moving from 7th to 13th place, with McCarthy & Stone (7th), Lovell (9th) and Crest Nicholson (8th) all moving up.