Scottish housebuilder blames impact of pandemic for fall

Springfield Properties saw pre-tax profit slip to £6.2m from £8.6m in the first half with the Scottish housebuilder saying income from private housing was down by a third.

The firm said the 28% drop in profit and fall in revenue by 8% to £87.3m in the six months to the end of November was due to covid-19 delayed completions being rolled over into the second half of 2021, inflating the previous year’s figure. It said it is on track to meet its expectations for the year.

Springfield Properties

Springfield said delays caused by covid-19 had skewed some of last year’s numbers

Springfield’s private housing revenue fell 35% from £71.9m to £47.3m.

But revenue from affordable housing increased from £18.3m to £31.7m while turnover from contract housing nearly doubled from £3.8m to £7.6m.

The builder completed 197 private homes in the half year, down from 299 the previous year, but increased affordable housing completions from 126 to 204.

It said it is on track to increase its annual revenue from affordable housing by 35%. Last year it posted £55m turnover from affordable housing.

Topics