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Fri August 23 2019

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Springfield Properties maintains growth

2 Jul Housebuilder Springfield Properties has reported that it continued to maintain growth during its financial year that has recently ended.

Bertha Park is one of Springfield's 'village' developments
Bertha Park is one of Springfield's 'village' developments

It has provided an update on trading for the year ended 31 May 2019, ahead of announcing its full year results on 17 September 2019.

In its interim results announcement on 26 February 2019, Springfield reported strong growth across its private housing and affordable housing divisions in the first half. This growth has been maintained through the second half of the year, it said, with an increase in completions, which has been supported by a strong Scottish housing market across the private and affordable housing sectors. In addition, management’s target of improving gross margins has been achieved through strong sales rates and sustained prices combined with tight cost control.

The group expects to report results for the full year 2018/19 in line with market expectations, representing significant growth over the previous year with improved gross margins.

The company said that its ‘village’ developments progressed well. At Dykes of Gray near Dundee – the most advanced of the schemes - 178 homes were occupied as at 31 May 2019. At Bertha Park near Perth, the first owners moved in at the beginning of the second half and 34 homes were occupied by year-end.

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Works, led by the local authority, on a new major road connecting the village directly to Perth have been completed and a new secondary school is due to open in August. Also in private housing, sales started on three new developments during the second half of the year.

In the Affordable Housing division, the group said that it continued to make good progress.

Walker Group, which was acquired in February 2019, continued to trade as expected and the integration of the business has progressed positively, said the company. In addition, it said tha Dawn Homes, which was acquired in May 2018, continued to perform strongly, in line with management’s expectations.

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