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Thu February 20 2020

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Springfield breaks through £100m turnover

22 Aug 17 Scottish house-builder Springfield Properties has reported annual revenues of more than £100m for the first time.

 Finance director Michelle Motion, chairman Sandy Adam and chief executive Innes Smith
Finance director Michelle Motion, chairman Sandy Adam and chief executive Innes Smith

Springfield Properties made a pre-tax profit of £6.7m for the year ended 31 May 2017, up 31%, on revenue up 22% to £111m (2015/16: £90.8m).

The company also registered the milestone of building its 4,000th home during the year. During the year, Springfield built 437 homes for private sale and 183 affordable homes.

The strategic focus remains on developing and building five Springfield Villages with a total of 10,000 homes, the company said. New homes, amenities and community areas have been completed in Dykes of Gray near Dundee with 48 homes sold during the year, bringing total completions to 56 out of a potential 1,500. The first of potentially 800 homes at Wisp, Edinburgh are also under construction.

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At Bertha Park in Perth, where 3,000 homes are planned, progress has been made on construction of access road, with sales and construction due to start in the current financial year.

Executive chairman Sandy Adam said: “I am pleased to report another year of strong growth, reaching the milestone of £100m revenue for the first time in our history. This has largely been due to the tremendous work carried out by each and every one of our 500 staff who have built high-quality and desirable affordable and private homes. We are also proud to have reached the key milestone of building our 4,000th home during the year. 

“Looking ahead, we continue to drive controlled expansion, particularly with the affordable side of our business. Our target is to double turnover in affordable housing over the next two years. Significant progress was made in developing the five Springfield Villages and these will be the cornerstone of our future growth as we seek to deliver increasing numbers of homes.”

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