SPRINGFIELD Properties has underlined the strength of the Scottish housing market as it hiked operating profit to £6.4 million in the six months ended November 30, up 75 per cent on the same period the year before.
Elgin-based Springfield, which floated on the stock market in October 2017, this morning reported strong revenue and gross margin growth across its private housing and affordable homes division for the period.
Revenue surged by 38% to £75.7 million as the number of new homes it completed rose to 379 from 280 last time. That included an increase in the number of new private homes completed to 234 from 184.
Sandy Adam, executive chairman of Springfield Properties, said: “I am pleased to be reporting a further period of strong growth for Springfield. We have increased revenue from both private and affordable existing sites, and have done this at a faster rate than for the same period last year.
“Looking forward, we have entered the second half of the year with a strong order book of contracted revenues and a greater geographic reach across Scotland.”
Springfield completed its second acquisition since its stock market float with a deal to buy Livingston-based Walker Group for £31m on February 1. That followed its acquisition of west of Scotland-based Dawn Homes last year.
Shares were up more than 2% in early trading.
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