House builder in good shape
Springfield foresees profits rise from new plots
The housebuilder announced a dip in net profits from £4.1 million to £3.1m in the year to May on a 14% increase in turnover to £84m.
Managing director Innes Smith said: “This has been an important year for Springfield with a number of large private and affordable developments beginning to come on stream after years in planning and design.
“The year has seen a significant increase in our affordable housing presence in the central belt with five new active sites. Profit has dipped temporarily as older sites were completed and investment was made in promoting new sites.
“Projections for next year see turnover continuing its steady rise, reaching around £90m. We anticipate profit to climb as big new developments in Perth, Dundee, Elgin and Nairn come on and the expansion of our affordable housing operations in the Central Belt put Springfield in a strong position.”
He concluded: “Developing young people is important for our continued growth too. Apprentices and trainees make up 10 per cent of our workforce. This year we have taken on more than 20 young people to fill new apprentice and trainee positions across the business.”
Company chairman, Sandy Adam, said: “This has been another successful year for Springfield. We have excellent people working for us, building great houses. Springfield has invested heavily in land over the last five years and has an approved or zoned land bank of more than 5,000 plots.”
During the year, the company built 510 homes and, for the third year in a row, scooped the National Home Builder of the Year award. About 1,000 people work on Springfield projects every day and 450 of those are directly employed. The company has 40 live developments across Scotland.
Established in Elgin in 1956, Springfield Properties is a family-led company which began to increasingly focus on property development in the mid-1990s. Under the leadership of Sandy Adam, grandson of the founder of Springfield, the company has built over 4,000 homes since 1998, delivering high-quality private and social housing across Scotland.