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TopHat has reported a further 拢19.4m loss but insists it will make a profit within the next three years.

The Goldman Sachs-backed modular developer, in its results for the year to 31 October 2021, nearly doubled its turnover from 拢6.3m to 拢12.3m but still made a substantial loss. The 拢19.4m loss follows a 拢21.3m loss for the previous year.

The business, which was founded in 2016, however believes the opening of a second factory will help it into the black within three years. It plans to open Europe鈥檚 largest 3D modular homes facility in Corby, Northamptonshire next year.

Jordan Rosenhaus, director at TopHat, said the firm 鈥渋s a young ambitious company that is still in its growth phase鈥� and has attracted 拢130m of funds from investors including majority shareholder Goldman Sachs.

Rosenhaus said: 鈥淭he group is not yet profitable or cash generative, due to this investment in future growth and innovation. The delivery of the second factory, in particular, will enable TopHat to deliver strong profitability and cashflow within the next three years.鈥�

The developer, which has been backed by 拢130m of investment, currently operates from a 125,000 sq ft factory near Derby which can produce 800 homes year.

Modular developers typically take several years to post a profit due to the high levels of upfront capital needed for research and development. Another modular builder, Ilke Homes, reported a 拢41.2m loss for the year to March earlier this year.