IT was arguably an unexpected move when Springfield Properties unveiled its plans to float on the stock market last year.

The roots of the Elgin-based housebuilder stretch back to 1956, when it began life as a market garden, and though its journey has not always been smooth since moving into housebuilding in the late 1970s, it certainly made steady progress over its many decades under family ownership.

However, while the decision to float was undoubtedly a watershed moment, it is increasingly looking like an astute move. Investors signalled their enthusiasm by giving Springfield a near £90 million valuation when it floated in September. Shares climbed to 116.5p on the first day of trading and, although they dipped between November and early January, are on the rise again, closing up 10p at 134p on the back of the Dawn deal.

Executive chairman Sandy Adam said the underlying prospects for the business are positive. Sales are growing despite persistent political uncertainty, with the firm benefiting from a shortage of both affordable and private homes. Its presence on the Alternative Investment Market has given Springfield access to the kind of financial firepower it needs to take advantage of those conditions. On that basis, only a fool would bet on the Dawn acquisition being its last.