Springfield Properties signs £10.1m contract with Moray Council

Scottish homebuilder Springfield Properties has inked a new affordable housing contract with Moray Council worth £10.1m.

Springfield said on Wednesday that it will receive funds from the sale of land to Moray Council in the current financial year, while the design and build phase, which accounts for the vast majority of the contract value, was due to be delivered over the next 18 months.

The AIM-listed group stated the development was being funded by Moray Council and The Scottish Government, and was part of the Moray Growth Deal, designed to boost economic growth across the region.

Chief executive Innes Smith said: "We are pleased to have been awarded this latest affordable housing contract from Moray Council, which is a long-standing partner of Springfield. As part of the Moray Growth Deal, it reflects the importance of housing delivery to driving economic growth - and the recognition of this importance by the Council and Scottish Government. With our strong land-holding across the region and established relationships, we are well-placed to be awarded further contracts under this project to provide much-needed homes."

As of 1210 BST, Springfield shares were up 0.52% at 96.0p.

Reporting by Iain Gilbert at Sharecast.com