17th Dec 2019 14:27
(Alliance News) - Springfield Properties PLC on Tuesday expressed confidence going forward after delivering revenue growth in the first half of its current financial year.
The stock was trading 4.4% higher in London on Tuesday afternoon at 131.00 pence a share.
The AIM-listed housebuilder said it is on track to report revenue growth in the six months to the end of November, with gross margin improving in line with forecasts.
Springfield said it had entered the current financial year in a "strong" position, and has delivered an increase in completions and revenue in both private and affordable housing during the first half.
In addition, during the period, Springfield said it has expanded its geographic presence with the strategic land acquisition of a private housing development in Inverness.
Looking ahead, the company said it expects to accelerate its delivery of homes and provide a further revenue streams across its existing private and affordable housing activity.
"We're pleased to have achieved another period of growth resulting from sustained progress across our business as we continue to deliver on our targets," said Chief Executive Innes Smith.
She added; "The UK is entering a period promising greater market certainty, which will benefit our customers, our suppliers and our business. This, combined with a land bank providing work for at least 16 years and a skilled and dedicated workforce, gives us continued confidence in our future prospects and in achieving our goals."
Springfield Properties will report its half-year results on February 25, it said.
By Evelina Grecenko; [email protected]
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