In its annual financial report released yesterday the group said the executive directors had declined any bonus other than in two cases where the company had already committed itself to paying as part of joining arrangements. Also, except for one contractual entitlement, no salary increases had been requested by or granted to executive directors.

“To ensure the company benefits from appropriately motivated executives, we intend to grant some options to executive directors and other senior staff in due course. Such options will not be exercisable unless suitable performance conditions are met, and then only after at least three years,” the company said.

“Perception, and its travelling companion momentum, are always the drivers of sentiment, but these things turn. We believe we have been taking and will continue to take important steps to position the company to benefit from a recovery in economic and market conditions,” company chairman Patrick Burgess said.

He said that since the end of February, the company had made significant progress on a number of fronts. After placing 200-million new ordinary shares at the issue price of 310p per new ordinary share, the company raised gross proceeds of £620m.

The issue price of 310p represents a 21,9% discount to the market price at the time of agreeing the issue price and a 37,1% discount to pro forma adjusted, diluted net asset value per share.