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EARNINGS: Springfield annual profit falls; GRIT interim loss widens

20th Sep 2023 14:34

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:


Springfield Properties PLC - Scotland-focused builder of private and affordable housing - Says statutory pretax profit falls 22% to GBP15.3 million in year ended May 31, from GBP19.7 million the year before. Adjusted pretax profit is down 23% to GBP16.0 million from GBP20.8 million. Revenue increases 29% to GBP332.1 million from GBP257.1 million. Notes significantly lower levels of reservations in private housing with continued high interest rates, mortgage affordability and reduced buyer confidence impacting demand. Intends to focus on maximising cash generation to reduce debt, and will curtail speculative expenditure by only starting to build homes once reservations are complete. Expects to report adjusted pretax profit of around GBP10 million to GBP14 million for the current financial year.


GRIT Investment Trust PLC - invests in small and mid-capitalisation natural resources and mining companies - Reports GBP83,000 pretax loss for first half of 2023, compared with GBP57,000 in 2022. Pretax net return on ordinary activities was negative GBP83,000 following negative GBP89,000. Says economic climate has been challenging but has presented multiple opportunities to the board in its pursuit of a suitable reverse takeover target. Says early completion in May of creditors voluntary arrangement "is an important step forward for the company which can now plan a future free of its historical debts."


By Emma Curzon, Alliance News reporter

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