Scottish housebuilder Springfield Properties has increased full year revenues by 36% to £190.8million for the year ended 31 May 2019.
Profit before tax increased 69% to £16.5million for the same period with new home increasing by 23.6% to 952 up from 770.
The firm ignificantly strengthened its geographic presence in the Edinburgh commuter belt with the acquisition of Walker Group, a Livingston-based housebuilder focussed on private housing, and by securing land for a new Village at Gavieside, Livingston along with the acquisition of Dawn Homes, which performed strongly, in line with management’s expectations.
Sandy Adam, Executive Chairman of Springfield Properties, said: “I am pleased to report another year of strong growth for Springfield. We increased our revenue from both private and affordable housing, and achieved significant improvement in gross margin. We expanded our geographic presence and scale and made great progress with our Village developments, with the most advanced strengthening in appeal as they become increasingly established new communities.
“Throughout our history, Springfield’s strategies have been designed to secure growth and future-proof the business. We have been successful in achieving this in the past and this continues to be our focus for the future. With our strong land bank of nearly 16,000 plots, the progress that we’re making with our Village developments and sustained market drivers, we are well-positioned for continued growth. On behalf of the Board, I thank our shareholders for their support and look forward to providing further updates on our achievements.”
Innes Smith, Chief Executive Officer of Springfield Properties, commented: “This was another great year for Springfield as we delivered on all of our targets and strengthened our ability to deliver sustained growth. In particular, our investments in the acquisition of Dawn Homes, Walker Group and our four high calibre managing directors have greatly enhanced our business. None of this would have been possible without the skill and hard work of our employees, for which we thank them. With a great product, an excellent team and sustained demand for housing in Scotland, we have established a solid pipeline and remain on track to deliver continued growth in line with market expectations.”