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Sat June 19 2021

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Springfield issues positive trading update

1 Jun Scottish housebuilder Springfield Properties has said that strong first-half activity was sustained throughout the remainder of its financial year, which ended yesterday.

The group continued to experience high demand across the business, said the company. In particular, it said that sales of its private housing have been driven by people’s increased desire for more spacious homes, with gardens and green space and - especially with its ‘Village’ developments – ones that have local amenities within walking distance.

As a result, the group expects revenue and profit to be ahead of market expectations, reflecting significant year-on-year revenue growth. The group has also continued to reduce net debt throughout the year.

At the end of the year, the group sold land - a total of approximately 200 plots - across two of its large developments in the Central Belt to two national housebuilders. Springfield said that these strategic sales reflect its continued focus on realising value from its large land bank and strengthening the Group’s balance sheet through cash generation.   

The group will provide a further update in July on its trading for the year ended 31st May 2021.

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MPU

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