Springfield Properties achieves highest-ever revenue with over £100m turnover

Springfield Properties (“Springfield” or the “Group”), a leading housebuilder focused on Scotland offering private and affordable housing, announces its full year results for the year ended 31 May 2017.

Financial Highlights

  • Revenue increased by 22 per cent to £111m (2015/16: £90.8m)
  • Blended gross margin was 15 per cent (2015/16: 15 per cent)
  • Profit before tax increased by 31 per cent to £6.7m (2015/16: £5.1m)

Operational Highlights

  • Significant milestone achieved with 4,000th home built
  • Increased completions by 25 per cent with 620 new homes handed over
  • Added to the land bank, which stands at 9,195 plots on 1 June 2017

Private Housing

  • Built 437 homes during the year, a year-on-year increase of 10 per cent
  • Strategic focus remains on developing and building five Springfield Villages with a total of 10,000 homes:
  • New homes, amenities and community areas completed in Dykes of Gray near Dundee with 48 homes sold during the year, bringing total completions to 56 out of a potential 1,500
  • First of potentially 800 homes at Wisp, Edinburgh are under construction
  • At Bertha Park in Perth, a site for 3,000 homes, progress made on construction of access road, with sales and construction due to commence in the next financial year
  • Elgin South Village will deliver 2,500 homes to the area. Post-period, plans for the first 870 new homes, two new schools and the state-of-the-art Moray Sports Centre approved by Moray Council Planning Committee
  • Land secured for fifth village at Durieshill near Stirling to provide between 2,500 and 3,000 homes

Affordable Housing

  • Built 183 affordable homes, a year-on-year increase of 91 per cent
  • Accounted for over 4 per cent of market share of all affordable homes built in Scotland
  • Good progress with 202 social and mid-market rental homes project at Muirhouse, Edinburgh with a further 32 homes handed over during the year. On target to complete the remaining 48 homes in 2018

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. We are also proud to have reached the key milestone of building our 4,000th home during the year.”

“Looking ahead, we continue to drive controlled expansion, particularly with the affordable side of our business. Our target is to double turnover in affordable housing over the next two years. Significant progress was made in developing the five Springfield Villages and these will be the cornerstone of our future growth as we seek to deliver increasing numbers of homes.”

Springfield management team – Left to right: Michelle Motion, Finance Director; Sandy Adam, Executive Chairman; Innes Smith, Chief Executive Officer