Springfield Properties breaks £100m turnover barrier

(from left) Michelle Motion, finance director; Sandy Adam, executive chairman and Innes Smith, chief executive officer
(from left) Michelle Motion, finance director; Sandy Adam, executive chairman and Innes Smith, chief executive officer

Private and affordable housebuilder Springfield Properties has reported annual revenues of more than £100 million for the first time.

Announcing it full year results for the year ended 31 May 2017, the Elgin-based company revealed a 31% rise in pre-tax profits to £6.7m, on revenue up 22% to £111m (2015/16: £90.8m).

The firm also registered the milestone of building its 4,000th home during the year as completions went up by 25% with 620 new homes handed over.

During the year, Springfield built 437 homes for private sale, a year-on-year increase of 10%, as well as 183 affordable homes, a year-on-year increase of 91%.

The strategic focus remains on developing and building five Springfield Villages with a total of 10,000 homes, the company said. New homes, amenities and community areas have been 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. The first of potentially 800 homes at Wisp, Edinburgh are also under construction.

Homes at the Dykes of Gray village
Homes in the Dykes of Gray village at Dundee

At Bertha Park in Perth, where 3,000 homes are planned, progress has been made on construction of access road, with sales and construction due to start in the current financial year.

Executive chairman Sandy Adam 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.”

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