Sale of bigger homes drives Springfield to record income
Innes Smith: ‘excellent year’
Demand for bigger homes with gardens and space to work is expected to boost turnover at Springfield Properties by 49% to £215m – a new annual record.
The company also expects a substantial increase in profit before tax, in line with recently upgraded market expectations.
Net debt has been reduced to approximately £21m at year end, from £71m at 31 May 2020.
The Elgin-based group’s Linkwood Village in Elgin and at three developments launched under the Dawn Homes and Walker Group brands made an important contribution to the revenue growth in private housing.
In affordable housing, the group delivered a substantial increase in revenue and completions in the second half of the year over the first half, representing significant growth for the full year over 2019/20.
Springfield also signed contracts for, and commenced work on, multiple new affordable developments that are due to be delivered in the current year.
This progress is supported by the continued commitment of the Scottish Government to the delivery of affordable housing, with over £3.4bn earmarked for affordable housing funding through to March 2026, as announced in February,