Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Springfield Properties: Bertha Park housebuilder to record 50% sales jump

Springfield Properties chief executive Innes Smith
Springfield Properties chief executive Innes Smith

Sales at housebuilder Springfield Properties are expected to pass the £200 million mark for the first time, with a near 50% year-on-year leap.

Springfield is behind the Bertha Park development of 3,000 homes in Perth and Dykes of Gray on the outskirts of Dundee.

Increased sales of private and affordable homes and offloading plots to other builders have driven its growth, against a backdrop of continuing “chronic undersupply of housing” across Scotland, the group said.

In a trading update, the AIM-listed company said it expects to announce a 49% increase in revenue to approximately £215m when it publishes its final results for the year to the end of May.

It also forecast a “substantial” rise in pre-tax profits and a £50m reduction of its debt to around £21m.

Private house sales driving growth

The Elgin-headquartered group said private housing continued to be the largest contributor to its revenue.

It highlighted sales during the period at its Linkwood Village in the Moray town, as well as three developments launched under its Dawn Homes and Walker Group brands.

In the affordable housing sector, Springfield reported a “substantial increase in revenue and completions” in the second half of the year.

The housebuilder adding it had started work on “multiple” new developments due to be completed in the current financial year.

Last month the group announced it had sold approximately 200 plots across two of its large developments in the Edinburgh area to two unnamed national housebuilders.

Chief executive, Innes Smith, said: “This has been an excellent year for Springfield.

We have achieved our highest ever annual revenue – exceeding £200m 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.”

A Springfield Properties development in Kintore.

Mr Smith continued: “A key driver of our growth has been the greater popularity of the spacious homes that we provide, with private gardens and easy access to surrounding greenspace, particularly at our village developments.

At the same time, there continues to be a chronic undersupply of housing of all tenures across Scotland.

“Thanks to the strength of our offer and of our partnerships, which will now include the delivery of homes for the private rented sector, we are exceptionally well-positioned to help meet this housing demand and provide great places for people to live, building quality homes and creating sustainable communities.”

Springfield Properties sales rise

At the start of June, Springfield said it expected its performance in 2020/21 to be “ahead of market expectations” and forecast a 20% year-on-year increase in profits when it announces its final results for the year in September.

The group recorded turnover of £144.4m and adjusted pre-tax profits of £10.2m in 2019/20.  

Mr Smith said the group also intends to announce how it plans to formalise its approach to sustainability in September, having identified a board member to lead the work.

Already a subscriber? Sign in