New home completions at Scottish housebuilder Springfield Properties were up 15.6% to 438 in the six months ended November 30 2019 as the company saw a period of strong growth and margin improvements.
Gross margin rose to 19.9% from 17.2% a year before with operating profit up 14.9% to £7.3 million from £6.4 million. Pre-tax profit rose 3.4% to £6.3 million.
In the period the company expanded its geographical presence with strategic land acquisitions in Inverness and entered the private rented sector working with Sigma PRS Management.
Innes Smith, ceo 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. Our acquisitions are performing well and we are realising benefits group-wide. 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 – the largest detailed planning consent to ever be granted in Scotland.”
