Elgin-based house builder Springfield Properties plc said on Tuesday it “remains very excited about the significant prospects in the North of Scotland.”
SSEN Transmission said in December it agreed its biggest housing deal so far — with Springfield — amid its commitment to contribute to the delivery of 1,000 new homes across the north of Scotland in support of plans to build the new UK electricity transmission infrastructure.
Springfield on Tuesday published results for the six months ended November 30, 2025, showing revenue increased 2% to £108 million and adjusted profit before tax and exceptional items climbed 8% to £4.1 million.
Springfield reported an initial agreement signed, post period, with SSEN Transmission to commence the delivery of almost 300 homes in the North of Scotland as part of SSEN Transmission’s investment programme to upgrade the national electricity transmission grid.
The firm reported a “large, high-quality land bank of 7,305 owned and contracted plots, 63% of which have planning permission, and 6,293 strategic plots.”
In its outlook, Springfield said: “The group continues to expect to achieve growth for FY 2026 when excluding the exceptional contribution from the land sales to Barratt, in line with market expectations.
“This reflects a year-on-year increase in revenue in both private and affordable housing. In private housing, with consumer confidence having improved since period end as well as usual seasonality, the group remains confident in delivering higher revenue in the second half compared with the first half of the year and year-on-year growth.
“In affordable housing, almost all of forecast FY 2026 revenue is already delivered or contracted.
“Looking further ahead, Springfield remains very excited about the significant prospects in the North of Scotland. The signing of its first agreement, post period, with SSEN Transmission marks an important milestone towards capitalising on the substantial opportunities in the region.
“The build and multi-year lease of housing would allow the group to receive regular income over the course of the lease as well as having further options for monetisation at its conclusion.
“This represents an excellent opportunity for Springfield that will allow the group to maximise the value of its land holdings in this area of high demand.
“Accordingly, the board continues to look to the future with great confidence.”
Springfield Properties CEO Innes Smith said: “We are pleased to have performed in line with our expectations for the first half, with an increase in profit and a significant reduction in bank debt compared with the same time last year.
“We also achieved an important strategic milestone with the signing, post period, of our first agreement to provide housing to support the delivery of crucial infrastructure upgrades across the North of Scotland.
“We are continuing to discuss further projects with infrastructure providers, and we remain very excited about the substantial opportunities in the region.
“Looking to the full year, we continue to expect to deliver underlying growth when excluding the exceptional contribution of land sales to FY 2025. We are hopeful that an increase in consumer confidence following the publication of the UK Budget, along with interest rate cuts, will provide a boost to homebuying.
“We are continuing to perform well in affordable housing, with almost all of our FY 2026 forecast revenue already delivered or contracted. Accordingly, we remain on track to deliver results for the full year in line with market expectations and look forward to reporting on our progress.”