An interim management statement for the four months to the end of January highlights a two-for-one rights issue which raised net proceeds of £237m and a gradual re-entry into residential acquisition with £8.6m in the pipeline.

Chief executive Andrew Cunningham said: "The housing market has shown encouraging signs of stability.

"We continue to sell well at prices above the last reported valuation, while our improved financial position arising from the recent refinancing and rights issue has enabled us to recommence our acquisition programme."

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