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Tayside developments boosts revenues for housebuilder Springfield Properties

Homes under construction at Springfield's Bertha Park development in Perth.
Homes under construction at Springfield's Bertha Park development in Perth.

Strong new build sales at key developments in Perth and Dundee spurred Springfield Properties to higher revenues.

The firm is behind the Dykes of Gray development on the western edge of Dundee and the Bertha Park project in Perth where it plans to create 3,000 homes.

A trading update yesterday by the Elgin housebuilder for the six months to November 30, showed revenues of £79.8 million, 5% of the same period in 2018, and pre-tax profits of £6.3m.

Gross margin improved to 19.9% from 17.2% in the first half of 2018/19.

Innes Smith, chief executive of Springfield Properties, said: “We are pleased to have achieved another period of growth resulting from progress across our business and, in particular, delivering strong improvement in gross margin.

“We continued to expand geographically with strategic land purchases in Inverness and we made good progress in advancing our developments through the planning system, including receiving consent, post period, for over 3,000 homes at Durieshill, Stirling.”

At the end of November, 200 homes were occupied at Dykes of Gray. An application for the next phase comprising 218 homes with community infrastructure is currently working its way through the planning system.

The firm noted the opening of the new secondary school at Bertha Park, where 59 homes were occupied at the end of November.

During the period, Springfield completed the construction of 54 affordable homes and six adjoining commercial units.

It is planned that 750 affordable homes will be built at the Perth site over the next 30 years.

Mr Smith added: “Looking ahead, we entered the second half with a strong order book and we are experiencing good growth across the business.

“Alongside our customers, we are benefitting from the UK having entered a period promising greater market certainty – with an increase in the reservation rate since December.”

rmclaren@thecourier.co.uk

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