SPRINGFIELD Properties has pushed sales past £100 million for the first time, in another sign of strength for Scotland’s housebuilding sector.
The Elgin-based housebuilder increased completions by 25 per cent in the year to May 31, with 620 new homes handed over. This helped revenue increase by 22 per cent to £111m as pre-tax profits jumped 31 per cent to £6.7m.
In addition to the financial milestone, Springfield completed its 4,000th home in the year.
Sandy Adam, executive chairman of Springfield Properties, 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.”
The number of built homes in the year increased by 10 per cent, while the group’s land bank stood at 9,195 on June 1.
Mr Adam said the company’s focus remained on developing and building five Springfield Villages with a total of 10,000 homes. These villages are at various stages with the first homes having changed hands at a site near Dundee, while construction is underway at sites in Edinburgh and Perth. Plans have been submitted at a site in Elgin and land has been secured near Stirling.
“To be given the privilege to design and build a complete village is an awesome responsibility, one that everyone in Springfield relishes, particularly in the knowledge that our work will be a feature of the Scottish built environment for hundreds of years to come,” he said.
Springfield outlined an ambition to double turnover in affordable housing over the next two years. It built 183 affordable homes, a year-on-year increase of 91 per cent and said it was making good progress in this area, with a 202 social and mid-market rental homes project at Muirhouse, Edinburgh.
“Looking ahead, we continue to drive controlled expansion, particularly with the affordable side of our business,” said Mr Adam.
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