Springfield Properties revenue up 27% to £141m

UPDATE 1 — Shares of Elgin-based housebuilder Springfield Properties rose about 10% on Tuesday after it announced its maiden annual results — for the year ended May 31, 2018 — following its listing on the AIM stockmarket in October last year.

Springfield Properties, which is building a number of new villages throughout Scotland, said its total revenue increased 27% to £140.7 million and adjusted profit before tax rose 46% to £9.8 million.

The housebuilder is proposing a final dividend of 2.7p per share, equating to a total dividend for the year of 3.7p.

Springfield Properties said completion of new homes increased 24.2% to 770 and it strengthened its 15-year land bank to 12,476 plots, including 1,379 acquired through the acquisition of Dawn Homes.

Gross development value (GDV) of the firm’s land bank was £2.4 billion.

Revenue in the firm’s private housing division increased 17.9% to £101.9 million, with revenue in its affordable housing division soaring 60.3% to £37.3 million.

Springfield Properties executive chairman Sandy Adam said: “In our first full year results since floating on AIM, I am pleased to report another year of strong growth for Springfield.

“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.

“In particular, in the final month of our financial year, we extended our geographic reach with the acquisition of Dawn Homes, who share Springfield’s core values of looking after customers andbuilding high-quality homes …

“Springfield entered the new financial year in a stronger position than at the same point of the previous year.

“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.”