Springfield Properties expects record annual turnover as FY revenues surge

Scottish housebuilder Springfield Properties said on Thursday that full-year revenues were expected to be approximately £215.0m, representing year-on-year growth of 49% and its highest-ever annual turnover.

Springfield said it saw "strong build and sales activity" throughout the year, with high demand experienced across the business, resulting in "significant growth" in revenue in private and affordable housing, ahead of market expectations.

The AIM-listed firm also noted that it expects a "substantial increase" in pre-tax profits, in line with recently upgraded market expectations and added that it now had a "substantially reduced" net debt balance of approximately £21.0m at 31 May, compared with £71.0m at the same point in the prior year.

Chief executive Innes Smith said: "This has been an excellent year for Springfield. We have achieved our highest ever annual revenue - exceeding £200.0m for the first time - based on significant growth in both our private and affordable housing.

"We have substantially reduced our net debt position, demonstrating our ability to generate cash, and our strategic land sales towards the end of the year reflect our capacity to realise value from our large, high-quality land bank."

As of 1140 BST, Springfield shares were up 4.89% at 171.49p.