Revenues rise at Scottish housebuilder Springfield

Scottish housebuilder Springfield Properties has welcomed new-found “market certainty” as it posted rising revenues in its latest set of results. The AIM-listed company’s interim results for the six months to 30 November showed a 5.4% rise in revenues year-on-year to £79.8m, while operating profits were almost 15% ahead at £7.3m. In its private housing division, revenues were up by 7.3% at £57.1m, with completions rising. The company said it is in the “advanced planning” stage of its largest development, a 3,042-home site in Durieshill, Stirling. Affordable housing revenues rose by almost 16% to £22.2m. Highlights during the six months included planning consent for 237 homes at Dalmarnock in Glasgow, and 139 homes at The Wisp in Edinburgh. Springfield chief executive Innes Smith said: “We entered the second half with a strong order book and we are experiencing good growth across the business. Alongside our customers, we are benefitting from the UK having entered a period promising greater market certainty – with an increase in the reservation rate since December.” To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette