Volumetric modular house builder TopHat saw losses increase as turnover fell last year.

Latest results for TopHat Industries Ltd for the year to October 31 2022 showed pre-tax losses increased to £20.4 from £19.4m last time as turnover dipped to £10.2m from £12.3m.

The Goldman Sachs-backed business is confident of future profits and is planning to open a second factory in Corby, Northamptonshire next year to add to its existing facility in Derby.

TopHat has been trading since 2016 with investors – who also include Aviva and Persimmon – pumping in £200m of funding since then.

The company said: “TopHat is a young, ambitious company that is still in the growth phase.

“The group continues to invest ahead of revenue, both in growing capacity and developing its product offering.

“The directors are confident in the TopHat business plan, underpinned by the development of the second factory and the strong pipeline.”