Profit up 97% at new town builder Springfield

Elgin-based housebuilder Springfield Properties, which is building a number of new towns and villages throughout Scotland, said on Tuesday its first-half revenue increased 38% to £75.7 million and adjusted profit before tax soared 97% to £6.1 million.

Springfield Properties CEO Innes Smith said: “Springfield made great progress during the first half of the year, with sales increasing in both of our divisions and total completions up 35% at 379 new homes.

“Our investment last year in the acquisition of Dawn Homes and our four high calibre managing directors has greatly strengthened our business.

“We are benefiting from their complementary skillsets and experience, and we’re very pleased that all of the great people at Dawn have chosen to remain with the group.

“This also gives us confidence that our recent acquisition of Walker Group, another established company with a strong product and reputation, will be an equal success.

“This bulk addition to our land bank also gives us very good visibility in our three-year projections.

“We lookforward to delivering on our targets and continuing to grow our business.”