Avjennings (ASX:AVJ) announced its fiscal year profit at A$21.3 million, a 62.6% increase from the previous year.

The company reported year-round revenues of A$274.3 million compared to A$222.8 million.

Avjennings cautioned that muted sales levels could persist due to uncertainties in the interest rate cycle and inflation moderation.

However, the company expressed optimism that consumer confidence could translate into increased demand as the macroeconomic environment stabilized.

Enquiry levels remained consistent with long-term levels, hinting at a rise in customer demand.

Avjennings is a leading residential property development company in Australia.