Springfield Properties expects FY revenue and profits to exceed guidance

Housebuilder Springfield Properties said on Tuesday that strong build and sales activity seen in the first half had been sustained throughout the year, with the group continuing to experience "high demand" across the business.

Springfield stated that "excellent sales" of its private housing had been driven by the "increased desirability" for the type of housing Springfield offers - more spacious homes, with gardens and greenspace that have local amenities within walking distance.

As a result, the AIM-listed group now expects full-year revenue and profits to be ahead of market expectations, reflecting "significant" year-on-year revenue growth.

Springfield also highlighted that it had sold approximately 200 plots of land across two of its large developments in the Central Belt to two national housebuilders.

The firm added that the strategic sales, which it stated was material in nature, reflected the group's continued focus on "realising value from its large, high-quality land bank" and "strengthening the group's balance sheet through cash generation".

As of 1040 BST, Springfield shares were up 11.33% to 167.0p.