18th Sep 2018 10:47
LONDON (Alliance News) - Scotland-focused housing development company Springfield Properties PLC said on Tuesday it registered double-digit growth in profit and revenue in its recently ended financial year, its maiden annul results since listing on AIM.
For the year to the end of May, Springfield reported an adjusted pretax profit of GBP9.8 million, up 46% from GBP6.7 million the year before, in spite of higher administrative costs.
Including GBP558,000 in one-off acquisition and listing costs, pretax profit was GBP9.2 million.
Increased growth in both the Private Housing and Affordable divisions led to an 27% increase in revenue to GBP140.7 million from GBP110.6 million.
During the period, the average selling price of Springfield's private housing rose to GBP221,500, up 12% from GBP197,600 the year before, due to a rise in housing prices as well as the mix in houses sold.
Completions by Springfield increased by 5.3% to 460 new homes, and the company grew its land bank as at May 31 to 12,476 plots from 9,195 plots the prior year.
Springfield declared a final dividend of 2.7 pence per share, leading to a total payout of 3.7p.
"Springfield entered the new financial year in a stronger position than at the same point of the previous year. With an established pipeline, strengthened foundations and the long-term drivers showing no sign of abating, the board is confident of delivering strong growth for full year 2018/19 in line with market expectations," said Executive Chairman Sandy Adam.
Shares in Springfield Properties were up 6.1% at 122p on Tuesday.
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