AVJennings boss Peter Summers said underlying demand for housing remained strong and "had not gone away" despite the pandemic delivering a blow to the developer's revenue and profits during the 2020 financial year.

The company, founded in 1932 by entrepreneurial Melbourne real estate agent Albert Victor Jennings, had expected a strong 12 months to June, but land sales dropped back from March as COVID-19 struck, driving a 12 per cent fall in its total revenue and a 45 per cent drop in annual profits.