26th Feb 2019 11:01
LONDON (Alliance News) - Scottish housebuilder Springfield Properties PLC said on Tuesday its interim profit almost doubled on substantial revenue growth.
For the six months to the end of November, Springfield reported an adjusted pretax profit of GBP6.1 million, up from GBP3.1 million the year before, despite higher administrative costs.
Including the GBP292,000 cost of its 2017 IPO, Springfield's pretax profit for the prior year had been GBP2.8 million.
Revenue grew by 38% to GBP75.7 million in the recent half-year from GBP54.8 million a year before, with increases in the company's Private Housing and Affordable divisions.
There was also additional revenue recognised under a land swap agreement with another housebuilder to exchange 62 plots at the Dykes of Gray development in Dundee for land in Kinross.
During the period, Springfield completed 379 new homes, up 35% from 280 the prior year, and the company increased its land bank as at November 30 to 15,096 plots from 12,476 as at May 31.
The average selling price of Springfield's private housing however decreased to GBP227,000 from GBP234,000 the year before, due to changes in the sales mix.
Springfield Properties proposed an interim dividend of 1.2 pence per share, up 20% from 1.0p the year before.
"We have increased revenue from both private and affordable existing sites, and have done this at a faster rate than for the same period last year. Looking forward, we have entered the second half of the year with a strong order book of contracted revenues and a greater geographic reach across Scotland. With the sustained market drivers showing no sign of abating, Springfield is in a stronger position than ever to deliver many of the new private and affordable homes needed in Scotland," said Chair Sandy Adam.
Shares in Springfield Properties were up 3.2% at 124.90 pence on Tuesday.
Related Shares:
Springfield Pr.