FAMILY-owned housebuilder Springfield Properties has unveiled a 14 per cent jump in turnover to £84 million, and is confident of further growth in the current financial year.
Springfield, which was established in Elgin in 1956 and has expanded from its heartland in north-east Scotland into the central belt in recent years, saw its profits dip to £3.1 million in the year to May from £4.1m in the prior 12 months.
The company emphasised this drop in profits was temporary, attributing it to the completion of older sites and investment in the promotion of new projects.
Springfield is chaired by Sandy Adam, the grandson of the company’s founder.
A spokeswoman for the company noted that Mr Adam and his wife owned about 53 per cent of Springfield.
The company expects its turnover to grow further, to £90m in the current financial year to next May.
Springfield highlighted its belief that profits would climb in the current financial year, boosted by major new developments in Perth, Dundee, Elgin and Nairn and the expansion of its affordable housing activities in Central Scotland.
During the year to May 2015, Springfield built 510 homes.
Around 1,000 people work on Springfield projects every day, with 450 of them employed directly, the company noted.
Springfield said that apprentices and trainees made up about 10 per cent of its 450-strong workforce.
The housebuilder currently has 40 live developments across Scotland.
Springfield has built more than 4,000 homes across Scotland since 1998.
Managing director Innes Smith said: “This has been an important year for Springfield with a number of large private and affordable developments beginning to come on stream after years in planning and design.
“The year has seen a significant increase in our affordable housing presence in the central belt with five new active sites. Profit has dipped temporarily as older sites were completed and investment was made in promoting new sites.”
He added: “Projections for next year see turnover continuing its steady rise, reaching around £90m. We anticipate profit to climb as big new developments in Perth, Dundee, Elgin and Nairn come on and the expansion of our affordable housing operations in the central belt put Springfield in a strong position.”
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