Scottish housebuilder, Springfield Properties, has announced its maiden annual results, for the year ended 31 May 2018, following its listing on AIM in October 2017.
Revenue has increased by 27% from £110.6m to £140.7m with adjusted operating profit increasing 37% from £7.8m to £10.7m over the same period.
The company completed 770 homes in the period and also expanded into the West of Scotland through the acquisition of Dawn Homes for a consideration of up to £20.1m.
Sandy Adam, Executive Chairman of Springfield Properties, said: “In our first full year results since floating on AIM, I am pleased to report another year of strong growth for Springfield. We built more private and affordable homes than in any previous year. We made great progress with the development of our Village sites and we added significantly to our strong land bank, securing future growth. In particular, in the final month of our financial year, we extended our geographic reach with the acquisition of Dawn Homes, who share Springfield’s core values of looking after customers and building high-quality homes.
“As we look to the future, I would like to thank those who have enabled us to reach this point. In particular, I would like to thank all of our 593 staff for their hard work and dedication, and I would like to welcome the Dawn Homes team, a strong addition who will ably develop our business in the West of Scotland. 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.”
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