Springfield revenue soars to record high
Springfield Properties has reported a 49% hike in revenue, following growth in private sales and PRS.
The Scottish housebuilder is projecting revenue of £215m for the full year ended May, and profit in line with recently upgraded market expectations.
This compares with £144.4m in revenue for the previous year, with pre-tax profit of £10.2m and a gross margin of 18.9%.
Springfield Properties has reported a 49% hike in revenue, following growth in private sales and PRS.
The Scottish housebuilder is projecting revenue of £215m for the full year ended May, and profit in line with recently upgraded market expectations.
This compares with £144.4m in revenue for the previous year, with pre-tax profit of £10.2m and a gross margin of 18.9%.
Springfield said it has also cut net debt to £21m, compared with £71m a year earlier.
Innes Smith, chief executive of Springfield Properties, said: “A key driver of our growth has been the greater popularity of the spacious homes that we provide, with private gardens and easy access to surrounding green space, particularly at our Village developments.
“There continues to be a chronic undersupply of housing of all tenures across Scotland. Thanks to the strength of our offer and of our partnerships, which will now include the delivery of homes for the private rented sector, we are exceptionally well-positioned to help meet this housing demand and provide great places for people to live, building quality homes and creating sustainable communities.”
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