Profit surge at Springfield

Scottish housebuilder Springfield Properties has returned an operating profit of £17.6 million in the year to the end of May 2019, 65% up on last year. Revenue was up 36% to £190.8 million as the firm completed 952 affordable and private sales homes (2017/2018: 770).

The firm says it has strengthened its geographic presence in the Edinburgh commuter belt with the acquisition of Walker Group, a Livingston-based housebuilder focused on private housing, and by securing land for a new Village at Gavieside, Livingston.

Private housing completions grew by 37% to 630 homes (2017/18: 460) and average selling price increased by 2.7% to £227, 000 (2017/18: £222,000).

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 …