Development of two new-to-industry sites has helped Top 50 Indie Kay Group to boost turnover substantially.

In its results for the year ended October 31, turnover was up 14% to 96.4m, compared with £84.6m for the same period a year earlier.

Pre-tax profit was down from the previous year, from £4m to £2.6m, but the previous year’s figure was boosted by the sale of a site which contributed to an exceptional profit of £1.6m in 2016.

In its strategic report the company said the two new sites were at Crewe, which traded for the whole financial year, and Irlam, which traded for the second half of the financial year.

During the financial year construction began on a third new-to-industry site, at Ellesmere Port, and this began trading shortly after the company’s year end.

It also revealed that Kay Group had agreed deals to purchase and develop a further two new-to-industry sites. The first is expected to open around June this year, with the second following around October.

It added that the company was continuing to search for other sites to develop.