Schroder Investment Management has bought an extra 3.5m shares in the housebulder to take its stake up to 12.4m shares, a 21% stake. The investment follows full year results showing net assets up to 125p following the buyback of 8% of its shares during the year. Pre-tax profits were down from £4m to £2.3m after losses on the disposal of commercial property assets during the year. Operating profit before such exceptionals increased from £6.5m to £7.6m as the housing division made £8.6m, an increase of 38%. Increased investment in higher margin, higher end housebuilding activities is expected to reverse last year's 16% decline in turnover to £59.6m.