Housebuilder Lagan Homes doubled profits to almost €7.5 million last year, the company said on Friday.

The Belfast-headquartered business, run by developer Kevin Lagan, said profits almost doubled to £6.3 million (€7.46 million) while sales rose 23 per cent to £95 million.

Lagan Homes said earnings before interest, tax and write-offs, a measure of its cash flow, rose to £9 million last year from £6 million in 2019.

Its net assets are now close to £50 million, including cash of £28 million, the company added.

Lagan has concentrated on its businesses in Northern Ireland and England, while starting a new operation in the Republic to meet demand around Dublin.

Mr Lagan highlighted planning delays, well-reported problems with material supplies and ongoing Covid-19 fallout as challenges for the business.

However, he said that house reservations reached at all-time high this year, while 2020 profits beat expectations.

Lagan Homes has invested in timber-frame builders Fasthouse, in Limavaddy Co Derry and Frame-Tech Structures in Huddersfield, Yorkshire, England.

Mr Lagan said the companies could produce 3,000 homes a year in total for markets across Ireland and Britain.