Springfield posts strong results
Scottish housebuilder Springfield Properties, which listed on the AIM in October last year, has reported another year of strong growth.
The company, which has expanded into the west of Scotland with its £20.1m acquisition of Dawn Homes, has posted a 46% jump in its pretax profit to £9.8m for the year ended 31 May 2018, up from £6.7m the previous year.
Revenue was £141m, up from £111m in the previous financial year, while net debt dropped by 54% from £33.2m in 2016-17 to £15.3m for 2017-18.
Scottish housebuilder Springfield Properties, which listed on the AIM in October last year, has reported another year of strong growth.
The company, which has expanded into the west of Scotland with its £20.1m acquisition of Dawn Homes, has posted a 46% jump in its pretax profit to £9.8m for the year ended 31 May 2018, up from £6.7m the previous year.
Revenue was £141m, up from £111m in the previous financial year, while net debt dropped by 54% from £33.2m in 2016-17 to £15.3m for 2017-18.
Completion of new homes also increased by 24.2% to 770, up from 620 completions in 2016-17.
The gross development value of Springfield’s land bank stood at £2.4bn.
Sandy Adam, executive chairman of Springfield Properties, said: “We built more private and affordable homes than in any previous year.
“We made great progress with the development of our Village sites and we added significantly to our strong land bank, securing future growth.
“With an established pipeline, strengthened foundations and the long-term drivers showing no sign of abating, the board is confident of delivering strong growth for full year 2018-19 in line with market expectations.”
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