Springfield enjoys new record as sites reopen
Innes Smith: ‘shifting interests’
Springfield Properties said the reopening of construction sites in Scotland on 15 June was met with a record number of reservations in a one-week period.
This was substantially higher than normal for this time of year, it said in a trading update.
Elgin-based Springfield also began handing over homes that were nearing completion prior to lockdown. As a result, the group expects Q1 2020/21 sales to be significantly higher than the equivalent period last year.
It has maintained a “robust” financial position throughout the pandemic, and has entered the second half of 2019/20 with a strong order book of contracted revenue, it said.
Overall, revenue for the year 2019/20 is now due to come in at about £144m (2018/19: £190.8m).
The Group also expects to report an improvement in gross margin over the prior year and profit before tax of at least £9m (2018/19: £16m).
Innes Smith, CEO, said: “Multiple industry reports have commented on the shifting interests of homeowners as a result of lockdown, with people wanting larger homes, with gardens, located within commuting distance of cities.
“At the same time, the shortage of affordable housing in Scotland has become even more acute and, thanks to the strength of our partnerships, we are well-positioned to help provide new homes to meet this demand.”
Hart to build Edinburgh homes
Hopefield Partnership has appointed Hart Builders, part of the Cruden Group, to deliver a housing development at the former Hunter’s Tryst Primary School in Oxgangs Green, Edinburgh.
The £11m development will see 85 homes built on the empty brownfield site, providing affordable housing for the area.