Rok Property Solutions officially rebranded the company as Rok after its annual meeting at the end of last week.

The company told shareholders that it had achieved 10% turnover growth in all three of its businesses - development, building and maintenance - in the first quarter of 2006.

Chairman Stephen Pettit said social housing in particular had been a driver of growth, with long-term framework agreements providing a more secure and predictable income stream.

Within ROK Building, of which social housing is an element, the committed order book stands at £340m. Pettit said performance was "in line with expectations" for 2006 and turnover in the maintenance division rose 36% in the first quarter.

Analysts at Numis said Rok was "significantly undervalued" and maintained its "buy" recommendation as a result.