Springfield Properties doubles interim profit

By Hamish Champ2019-02-26T11:33:00

Scottish housebuilder sees margin improvements across private and affordable activity

Springfield Properties said it completed a third more homes in the first half of the year as pre-tax profit nearly doubled for the Elgin-based housebuilder.

Reporting its results for the six months to 30 November 2018, AIM-listed Springfield said turnover rose by 38% to £75.7m, pre-tax profit grew by 97% to £6.1m and the number of homes completed increased by 35% to 379.

Springfield bought rival housebuilder Dawn Homes in May last year for £20m, a move which helped boost the group’s landbank – currently standing at 15,096 plots, up 21% – as did the acquisition earlier this month of Livingston-based Walker Group, which has 10 sites on its books, for up to £31m.

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