Springfield reports "substantial" increase in profits

Scottish housebuilder Springfield Properties expects to report a substantial increase in profit before tax for FY 2025 in line with current market expectations alongside an increase in revenue to £280 million (2024: £266 million). The figures reflect the profitability of a series of land sales during the year. Springfield also said it is to focus future activity in the north of Scotland.

In a trading update issued today, Springfield said it had reduced net debt in excess of market expectations “driven primarily by the significant growth in land sales”. This includes an agreement to sell undeveloped land to Barratt Redrow, primarily located across central Scotland, totalling 2,480 plots across six sites. “The land sale enables two strategic actions,” said Springfield. “To remove the group’s bank debt and become net cash positive by FY 2027, and to focus the group on the significant opportunities that are emerging in the north of Scotland driven by renewable energy development and infrastructure upgrades.” Five sites have been sold to Barratt Redrow, with the sale of a sixth site expected to complete in the coming weeks.

In private housing, the firm said sales during the year continued to be impacted by …