The popularity of a major Dundee housing development has helped Springfield Properties almost double its profits.
The AIM-listed Scottish firm highlighted the success of the Dykes of Gray development as it announced its interim results yesterday.
So far the multi-year project has 136 homes occupied with 28 sales completed in the six months to November 30.
It helped boost Springfield’s revenue for the half-year to £75.7m, a 38% increase on the first half of their 2017/18 year. Profits for the Elgin-based firm rose 97% from £3.1m to £6.1m in the period.
The firm is also planning to create a new village of around 3,000 homes at Bertha Park, near Perth.
The update said: “Springfield continued to progress its villages. At its most advanced site, Dykes of Gray, near Dundee, 136 homes were occupied as at 30 November 2018, including 28 completions during the period.
“The group continued to progress the development of community infrastructure, including the opening of a grass sports pitch.
“Post period, an application was submitted by a third party for a day care nursery, which reflects that Dykes of Gray is becoming sufficiently established to support new businesses.”
Springfield has received permission to change the mix of homes as part of the Dykes of Gray development to build larger properties.
It has also submitted a planning application for the next phase of the development, which will consist of 218 homes with community infrastructure, including a primary school.
Turning to the Perth development, the firm said: “At Bertha Park, a new village for approximately 3,000 homes near Perth, sales were launched towards the end of last year and 28 homes were reserved or missived as at 30 November 2018.
“In December, the first owners moved in and six homes are now occupied. Two show homes have been opened and work is progressing on the central landscape features that will create extensive public spaces.
“Bertha Park Secondary School, which will be the first entirely new secondary school to be established in Scotland for more than two decades, is due to open in August 2019.”
Springfield grew its landbank by 2,620 plots to 15,096 in the first half, of which 32% have planning permission.
Net debt stood at £25.3m.
Chief executive Innes Smith said: “Springfield made great progress during the first half of the year, with sales increasing in both of our divisions and total completions up 35% at 379 new homes.”
rmclaren@thecourier.co.uk