HOUSEBUILDER Galliford Try has revealed plans to increase work and more than double annual profits.

The group has secured a £400m refinancing deal to help fund its expansion as bosses expect the property market to maintain its improvement.

The firm has also revealed record half-year profits of £38.1m to the end of December, with revenues climbing 18 per cent to £803.5m.

It plans to add to its housing landbank of 13,500 plots with a further 14,000 to supply its needs for up to four years.

The company previously worked on a £2m development of 22 new homes on the former Greenfields Nursing Home, in Newton Aycliffe, County Durham.

Greg Fitzgerald, Galliford Try's chief executive, said: “We've been very encouraged by the start of the calendar year.

“Group profit for the half-year is at a record high the housing market continues to improve.”