Springfield sales driven by homebuyer appetite for gardens
Scottish housebuilder Springfield Properties cashed in on homebuyers’ increased appetite for garden space following the first coronavirus lockdown last year, halving its net debt and enjoying soaring revenue.
The company, which builds everything from affordable housing to six-bedroom family homes, said that for the six months ending 30 November, revenue was up 18.3% on the same period the previous year, at £94.4m.
Pretax profit was up 43% to £9m, and it completed 443 homes over the period, compared to 438 in 2019.
Scottish housebuilder Springfield Properties cashed in on homebuyers’ increased appetite for garden space following the first coronavirus lockdown last year, halving its net debt and enjoying soaring revenue.
The company, which builds everything from affordable housing to six-bedroom family homes, said that for the six months ending 30 November, revenue was up 18.3% on the same period the previous year, at £94.4m.
Pretax profit was up 43% to £9m, and it completed 443 homes over the period, compared to 438 in 2019.
Meanwhile, it was able to slash its net debt from £33.2m at the end of November from £68.8m over the summer, after an “excellent” six months in the wake of the construction industry restarting.
Chief executive Innes Smith said: “Our sales offices reopened to significant interest, reflecting pent-up demand and the increasing desirability for the type of housing Springfield provides with spacious homes with private gardens and easy access to plenty of green space.
Springfield also announced that it has been chosen as delivery partner for developer Sigma’s first private rented sector scheme in Scotland.
Sigma said this morning that it would build 75 family rental homes with a combined estimated rental value of about £760,000 per annum.
It is part of a new stand-alone village development of around 3,000 homes already under way by Springfield at Bertha Park, outside Perth. The gross development cost of Sigma’s site is £11.75m, including land acquisition.
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