Results for the first half to 31 March were in line with the group’s expectations, with a modest operating profit and significantly improved net cash. They demonstrate, in our view, a resilient performance by the specialist residential rental developer in the face of continuing challenging markets, but with promising signs of the pipeline building. We have introduced estimates for FY25E that point to improved profitability in H2, based on targeted forward sales being achieved. The medium-term outlook remains ‘robust’, underpinned by attractive rental market fundamentals.