17th Sep 2019 10:52
(Alliance News) - Scottish housebuilder Springfield Properties PLC on Tuesday reported a double digit rise in profit and revenue for its recently ended financial year, on strong sales and completions.
For the year to the end of May, adjusted pretax profit was up 69% to GBP16.5 million from GBP9.8 million the year before.
Including exceptional costs, part of which includes that related to the acquisition of housebuilder Walker Holdings Scotland Ltd, pretax profit rose by 73% to GBP16.0 million from GBP9.2 million.
Operationally, completions by Springfield increased by 24% to 952 new homes. Land bank as at May 31 increased by 28% to 15,938 plots from 12,476 the same date the prior year.
In the Private Housing division, revenue rose by 41% to GBP143.3 million as completions rose by 37% to 630 new homes with an increased average selling price by 2.7% to GBP227,000 from GBP222,000.
Meanwhile, the Affordable Housing segment reported 15% revenue growth to GBP42.9 million, with a 3.9% rise in completions to 322 homes, and a 10% increase in the average selling price to GBP133,000.
Springfield Properties declared a final dividend of 3.2 pence per share, bringing the total payout to 4.4p, up 19% from 3.7p the year before.
"I am pleased to report another year of strong growth for Springfield. We increased our revenue from both private and affordable housing, and achieved significant improvement in gross margin. We expanded our geographic presence and scale and made great progress with our Village developments, with the most advanced strengthening in appeal as they become increasingly established new communities," said Executive Chair Sandy Adam.
Shares in Springfield Properties were up 4.6% at 110.90 pence on Tuesday.
Related Shares:
Springfield Pr.