Housebuilder’s H1 sales to reach targets

A Scottish housebuilder that floated on London’s Alternative Investment Market earlier this year expects to report first-half revenues in line with its expectations as well as declare an interim dividend for the period.

Springfield Properties, led by chief executive Innes Smith, made the statement in the trading update for the six months to 30 November, ahead of its interim results published in February.

The firm said it made good progress in both its private and affordable housing divisions, progressing the development of new villages that it is creating across Scotland. It said sales at Dykes of Gray in Dundee are ahead of its target for the year to date, and in September the first homes at its new 3,000-home village in Perth went on sale and work on site began.

Springfield, which has offices in Elgin and Larbert, added that it will shortly be submitting the plans for another 3,000-home village at Durieshill, in Stirling, for planning approval and the legal agreement for 870 of 2,500 new homes for a village at the south of Elgin is being finalised.

Springfield also said its affordable housing division “continued to perform as expected”, with the firm welcoming Scottish housing minister Kevin Stewart to its development in Muirhouse, Edinburgh, to mark the handover of the 70,000th affordable home built in Scotland in the last ten years.

The business saw turnover in its most recent annual results exceeded £100 million for the first time. 0 Innes Smith heads up the Aim-quoted housebuilder