Continued housing demand keeps Springfield Properties on track

Chairman Sandy Adam, housing minister Kevin Stewart, CEO Innes Smith and group partnership director Tom Leggeat at an affordable housing development in Muirhouse

Housebuilder Springfield Properties is making good progress with the five new village style developments it is creating across Scotland and is on track to deliver revenues in line with management’s expectations, the firm said today.

In its first trading update since its flotation in October, which successfully raised £25 million for the business, Springfield told investors that the continued demand for more housing in Scotland was underpinning growth in both its private and affordable housing businesses.

As a result, the Elgin-based company said it expects to report revenues for the first half of 2017/18 in line with management’s expectations and declare an interim dividend for the period.

Detailing the progress of its new village developments, Springfield said sales at Dykes of Gray in Dundee are ahead of the company’s target for the year to date. In September, the first homes at Springfield’s new 3,000 home village in Perth went on sale and work on site commenced.

The company will shortly be submitting the plans for another 3,000 home village at Durieshill, in Stirling, for planning approval and the legal agreement for 870 of 2,500 new homes for a village at the south of Elgin is being finalised.

The affordable housing division also continued to perform as expected, Springfield added.

The company will provide further details at the time of the interim results in February 2018.

Share icon
Share this article: