2nd Jul 2019 10:18
(Alliance News) - Scottish homebuilder Springfield Properties PLC said Tuesday the strong growth seen in its Private Housing and Affordable Housing divisions in the first half continued into the second half.
Springfield said the second half growth - which saw an increase in completions - was supported by a "strong" housing market in Scotland.
"In addition, management's target of improving gross margins has been successfully achieved through strong sales rates and sustained prices combined with tight cost control," the company added.
Springfield said its Village developments "progressed well" in the second half.
In its Affordable Housing unit, Springfield noted further "good progress": "For example, under its local authority framework agreement for 10 developments, the group commenced the handover of homes at one of the developments, commenced construction at two developments, and secured development contracts for another two of the developments."
"Following the acquisition of Walker Group during the second half of the year, Springfield is in a strong position, with a presence in almost all of the key geographies within Scotland. The expanded land bank has secured activity for approximately 18 years and both of the group's divisions continue to be supported by strong market drivers. Consequently, the board of directors remains confident that the group will continue to achieve sustained growth, in line with market expectations, and deliver shareholder value."
Springfield is scheduled to release its full-year results for the period ended May 31 on September 17.
Shares in Springfield Properties were up 1.6% in London on Tuesday at 119.20 pence each.
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