Springfield unveils debut results on Stock Exchange
Springfield Properties, the Scottish housebuilder which listed on AIM a year ago, has unveiled its maiden results as a quoted firm.
Revenue in the year to May was up 27% to £140.7m and adjusted profit before tax by 46% to £9.8m.
The firm saw completions rise 24% to a record 770 homes while its £20m deal to buy Dawn Homes in May helped increase its landbank by more than 1,300 plots to just under 12,500.
Springfield built 460 private homes and a further 310 affordable homes and John Moore, senior investment manager at Brewin Dolphin Scotland, said: “What differentiates this housebuilder from many others listed on the stock market is its significant social housing element, which offers the potential to provide growth that is much less sensitive to traditional influences in the sector, such as rising interest rates and second-hand house prices.”
Costs of £558,000 following the Dawn deal saw pre-tax profit come in at £9.2m.